Point 3,I do not see TRGD as a near $3 stock now.I admit,very hard to assess value.TM looks to me to be worth all of TRDG's current price value .
We need the SM resource estimate to get to your suggested valuation.I see 200 million silver ounces coming within about 3 months.At $5 a silver inground ounce,share swap value,that gives $300 of someone's share certificates to TRGD.So I certainly see a valuation near $3 coming ,per share.
Over 200 milion silver ounce equivalents,or a noticeably higher silver price,add to that possible valuation.
I would expect Rich to give to shareholders either share certificates in the SM buyer,or a cash dividend.If he held $50 million with TRGD he could do some serious rocking.
Of course,by April we will know a lot more about some other properties one suspects.
For now,TRGD and PZG are strong buys.