I would consider your conservative estimate of 46,750 ounces as a disastrous outcome which would result in the share price falling below a dime. I'll explain the reasons why we need a much higher estimate if we want this stock price to go anywhere. The pricing rule I use to get an approximate share value is the Barings estimate which is about 10% of the gold price or about $ 100/Oz in the ground. There are many variables to consider but this gives a good ballpark amount. So I take the reserve( or resource) estimate times $ 100 to get market cap , then divide by the number of shares to get $/share. Some examples using real numbers are shown in the table :

Kinross has proven and probable reserves as well as resource numbers so that's part of the reason why their value is so high. Ontex is right next door to Kodiak so my $ 100/ Oz value is reasonable. Kodiak's market cap right now is $ 56 mil , which means the market is estimating an equivalent resource estimate of about 560,000 Oz. Mining pro's will have looked at the long section numbers and come up with their own estimates and will crank out new estimates once we get the next results released. Personnally I'm hoping we end up in the 1 to 2 million Oz range from the NI 43-101 resource estimate, which would give a share price in the $ 1.10 to $ 2.20 range plus whatever speculative premium that could be added. This analysis really illustrates how much the share price at $ 5.00 was mostly speculation and had little basis in reality. It's hard to put a value on gold fever but I would welcome another bout of it. Having said all this, I really don't have an estimate more likely to be right than yours. It's not an area I have any expertise and would like to see other opinions while we wait for news.