Assuming a full years production from the new leach pads would boost BMXI's annual revenues to about $7.2M to $7.6M (assuming a "base" of $6M as was given for 2018 revs).
For 238M shares and a 33% margin (similar to 2018) that gives earnings per share of from $.010 to $.0105. Even with a tiny multiple of 10x, I calculate a valuation of $.100 to $.105 per share.
Yes, I would say that "undervalued" is a good way to put it.