I finished my analysis and thanks for the feedback and...

I finished my analysis and thanks for the feedback and education! I'm sharing my thoughts in the spirit of cooperation. (I concede I may be wrong but I've taken an approach that reflects the uncertainty around the major variables).

I think there is a 50% chance DRA is worth 12 or better (25% chance it's worth 14.5) given the 5 yr mine plan and no value to as yet unmade discoveries.

If this is to be valued as a producer then reasonably you're going to value against at least inferred resources though I mostly give them the benefit of the doubt for Svartliden.

I'm also 90%+ confident under the same conditions listed above that DRA is worth more than 9c. As pattyp said that really makes a price like 6c very interesting!

9c is less interesting.

JID is probably right that there is a lot of potential and you're definitely buying that potential for (less than) free. DRA also has a lot of upside (and downside) to gold movements.

I'm going to take a 1/4 size position as this meets the criteria for a value investment. Low downside and at least 1/3 upside with some good optionality. Dare I say though, that I think there are better opportunities.