you have to add in the 35 million warrants to exercise at 20 cents, and add those to the outstanding shares, plus additional options or warrants that might be in the money...Another key aspect would be netbacks, which I believe could be better with PTA, than one of those that you mention... Size of resource would likely bring a better valuation as well. And I dont think anything is happening until the most of the areas that have significant
upside have been evaluated. Plug in higher production numbers and you see where it all goes.. Thanks for your input here, will help many here see a clearer picture.