My thoughts are similar , I know some juniors that are valued at 30m/40m and dont have water rights or even plans for a mill. As long as the gold is there and the management have a pulse , there is 0 risk of bankruptsy , 0 policitical risk , and the company should be in that group of small producers that can jump off the line first when the starting pistol is fired on the goldmarket.

Just remember 1oz of gold = 20 barrels of oil , last year it was 7 , the company cant help but be madly profitable in the years to come.