Hey Rick-
Some thoughts on your analysis and points in general. You'll find this hard to believe coming from a "neg" (especially a paid-basher, NSS supporting baby eater like me) ;-)
First of all, are you sure the minimum is structured that way (750,000 ton base)? I don't claim vast expertise in such things, but clients of mine that have had minimum royalty arrangements got the minimum whether or not development/mining was ongoing. Granted, I've not read any of the detail, so you may be spot on with the "floor", but there is a chance it is better than you think.
Secondly, your post reminds me of a rich sorority girl (e.g. a nice tease). It gets one to the brink, but since you've already done the hard work, you may as well provide the "happy ending". First thing would be to express your results in terms of earnings per share. Probably worth doing over a range given the certainty of further dilution, but between the 710MM O/S and the max. authorized 1.5MMM should cover all bases. Then, the fun part- project P/E ratios! Again, some qualification will be necessary, given the 3+ year timeframe of potential cashflow and the EPS range, but that is the beauty of spreadsheets. I've actually done some scratch calcs by hand and the numbers at the top of the range are actually pretty attractive assuming anywhere near a $0.105 PPS. Finally (I'm a nit picker by nature, so I can't help myself) - get rid of the cents... Report should clean up nicely with nothing to the right of the decimal for significant figures..
Another question: have you (or anyone) done DD on ICCC? I've not heard of them.
Disclaimer- I'm still incredibly suspicious of JJ and "the mountain", but given MDMN is a minority player in the POLO claims, I'm willing to entertain the possibility this could be for real.
Cheers,
~~CS~~
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