Why even think about any ratio involving WTG when it's actual value is so nebulous?

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I would prefer not to own any WTG paper at all. I believe the fairest offer would be cash and that way those who wish to purchase the WTG paper after the merge would be free to do so, and those who want other opportunities may do so.

However, for some inexplicable reason, CMM BoD is desperate for those 20,000 oz coming out of White Tiger this year (no cost of production given either). They seem to think that adding this to CMM's current Lamaque and San Juan is going to multiply our value "exponentially" somehow... as if Finsky's miracle of 0.28 to 4.50 will rub off somehow in the merged entity.

So that being the case, what are those 20,000 extra ounces worth? (I refuse to give any value to unproductive, unexplored properties - those should be thrown in for free). So assuming the costs are low - in the $500 oz/range, then that would equate to an extra 18,000,000 or roughly 1.5 M/mo in profit. Not sure what they are thinking to do with this? Pay off DB with those ounces or what?

Is that 18M in profit worth $100,000,000 loss in market cap over the last 3 days?