"even after the permit issuance, the KRY stock price might be below $2.

Let me know what you think."

(1) you are incorrect, it will to well above $2 None of your comparisons are valid. With the permit KRY is the largest new reserve in the world and there are numerous cost advantages.

(2) KRY does not need any capital for a long time following the permit -- many options and warrants will be exercised and a significant cash inflow will occur on top of the current position.

(3) if you actually believe what you say, you should not be long KRY -- risk/reward would be inadequate.

(4) the most rational way to project a target following the permit is on a $ value of reserves per share basis.