still undervalues at a pe ratio of 4, page-18

Mav,

Your eps calculation assumes no improvement being added to RR by GDO management. They will increase throughput, drop costs and bring on a Uranium operation that makes RR as low cost as ME in gold production. Have no fear, the eps addition will be great. In the short term it is accretive significantly as far as NPV, Gold resources and Reserves. Further it deals with the Bond Holder conversion elegantly (I assure you we all would be grumbling in a few months that they were converting and capping the stock further). The company is positioned for further growth which should also be eps enhancing, and value accretive.

All above assumes another large party is not accumulating in an effort to offer an alternative.