100% agree they are not receiving market value. My guess is EMXX even acquired them at a discount to the royalty as well. My discussions with the company as well verified that sentiment, basically acknowledging advancing these projects was beyond their skillset and the EMXX guys could do better.
Regarding your other prospects, I obviously can't comment on those nor is it my business, but here's my case on what makes EMXX so compelling in an absolute sense, obviously all my opinion...
I'm playing for a 10+ bagger and I think the business model of EMXX allows me to access that potential with the least amount of risk relative to the AVG junior miner.
I think of each mining project as a call option. I'm not a geologist so I can't judge the merits of their drill results, so I rely on MGMT credibility / experience and valuation. In this regard, I find EMXX unmatched. As MGMT expresses it, the MGMT experience you get for the market cap is top notch, but more importantly is the "price" for this access.
On the assumption the merger goes through, EMXX is currently trading at a post-merger cap of about $160-200MN depending if you use basic / diluted O/S. In line w/ a sum of the parts style valuation, let's remove the "known" assets that have a relatively certain value, those would be:
-BULM royalty
-EMXX cash
So from $160MN post-merger cap, subtract BULM royalty and EMXX cash which total roughly $90MN. That leaves us with all of EMXX / BULM properties (~150 globally) for a price of a $70MN cap. Now consider risk. EMXX doesn't spend much money, in fact after the merger they might not have to raise another dime, so that eliminates a lot of financial / business risk. And what does the SH get in return, 150 call options on PM / copper properties. If one hits even mildly, we're looking at probably multiples from here with time. If they hit another Pueblo / Resolution type of deposit, thats how I see many multiples being possible.
