From the buyer side of the equation the objective is to close the deal as quickly & cheaply as possible. Those sky-high dreams of .70 to $1 are unrealistic. In the case of an operating mine you'd look at the EV/EBITDA (enterprise value/earnings before interest, taxes, depreciation and amortization). This is also known as the takeover multiple. It looks at the company from the eyes of a potential acquirer.
Also look at EV/current reserves and EV/current reserves plus resources, are typically used to evaluate acquisition candidates. They are ratios that measure how much an acquiring company will pay per tonne of product.
Doing a quick calculation & taking a wild guess at some of the numbers to plug suggests a price in the range of .50 to .60 This may be high The acquirer wants in cheap. Look at the price range - the 52 week high is .52 and the stock has never traded beyond .60. Historic buy-outs of juniors are all over the map but my guess is they won't offer below .42 as they've shown their hand this is what they already paid - maybe a low-ball will be tried at say .45 to .48. This is still a nice return as it is a 30% premium on yesterday's average price & a great return on my holdings.