trying to breakout, page-2

I was thinking...

What would a company with NO CASH that's earning $10M per year on low metal prices (just by tolling one of their smallest deposits with the neighbours), but with the capacity to increase income by 5x the amount in the nearish term be worth?....oh yes, they own the mill to accomplish that as well, lock, stock + barrel....and it would cost up to 100M (well in excess of 100m, according to co.)to replace that facility....oh yeh, and they also have 11M tonnes of tailings that have similar grades to a lot of open pit mines, except that it's already stockpiled ready to go.....containing about 1M ounces of gold and 31 M oz silver....but that's not the main course, just a little "extra".
So what would this company be worth WITHOUT cash?

PE of 5?....$50M?...add say 20/30M for mill + tailings, and another 10m for huge exploration upside?

What's it worth....$70, $75M?

Any debt?....nope

Hmmm....so what does it trade at currently?

$20M.....with probably around $7M in the bank at end of June....yes, they have CASH as well!

less cash, whole kaboodle (EV) going for 13/15M....including current earnings of $10M annually.

BSM.....