thanks, benny -- that's a decent ballpark guess, but i notice you've not used fully diluted #s for the OS of LBSR. the current OS is 571M, but when all the warrants are converted it will be higher. also, why base our value on only one pebble when ZTEM shows 6 to 7 of them?
in this model, the OS is fully diluted and we've got all our deposits drilled and proven. NAK's current PPS will always be 1:1 what ours would be, since 6.68 is roughly the number of "pebbles" in BSCP and bonanza hills.
if you want to discount it, based on the current state of exploration, that's obviously a lot more speculative, based on time lines that aren't known yet.
This is based on 1 pebble, you're ignoring the potential other 5 porphyry signatures similar in size as pebbles. Multiply your number with 6 and you get a more realistic and still conservative rough price calculation. You could also detract 10% depending if we get a 60/40 or a 50/50 JV.