Re: regarding our operating cash flow (I think this was from the feasibility study) of *$500 million per year. He pointed out that if we aren't bought out, our 25% equivalent is $125 million per year, about $.30 per share for 21 years.

I don't believe that Operating cash flow includes paying for the $3.2 Billion Capex cost? If I'm right (not that sure that I am), then that means about interest and mortgage payments of $3.2 billion over 21 years @ 7% = $291 million year X 25% = $72.75 million. (I know that this over simplified) This leaves $52 million per year, about $0.125 per share. So I don't get that excited about operating cash flow based on the BFS. On the other hand, this is still an extremely good return for a $0.53 share price.

And I do believe that the economics can be improved in so many ways to justify a much higher buy out price - I think $250 million is not out of the question. As Golfyeti stated, I don't mind if people tear apart my logic as it could help correct my thinking.