I want to clarify my earlier post.

Alton noted, "...always been careful to state that I was NOT saying the price would go there..." – agreed on this point.

Since I fell a bit short in my attempt to be absolutely clear, let me try again. Alton has thoughtfully provided us armchair analysis (is that a fair description?) of Book Value. I vaguely recall that Book Value estimate if the DA is signed (including net present value of future cash flows and assumptions on land grant value) to be approximately $40 per share (corrections welcome). Book Value estimates are just that, estimates. They do not dictate actual share price - markets do that as several have stated on this board.

What I attempted to do was provide insight into a common and easy calculation to normalize Book Value of companies and market prices of shares of stock of those companies.

For those interested, this commonly comes in the form of a ratio, finance folks love ratios because it’s a simple way to normalize data, I can’t blame them, I like simple things too. The ratio is Price/Book (P/B), which is the market price per share of stock divided by Book Value per share of stock.

So, back to my example, IF the market price reaches $40 and the book value estimate of $40 proves correct, then the Price/Book is 1 (40/40=1). All else being equal, if the market price reaches $20, then Price/Book is 0.5

The other entertaining piece of this is to compare this ratio to other stocks. Lets pick a few because it is so fun! We can keep this academic and pick a few random companies for our Price/Book ratio comparison. Keep in mind, the only thing that any of these companies has in common with each other or OMAG is they do not have positive earnings, i.e. P/E is n/a or negative or infinity however you want to think of it. Here are my academic picks:

MDBX - medical devices company in which the stock trades OTC; Price/Book: 76.26

TSLA - an exciting new automotive company; Price/Book: 40.07

JOE - large real estate developer; Price/Book: 2.99

OMAG - our favorite investment; Price/Book: ? (who wants to speculate what it will be after DA is signed)

In my opinion two of the above have really inflated Price/Book ratios but there’s probably something I don’t know or understand which would justify them.

Full disclosure: this and all of my comments on this board past and future are written and posted purely for my own entertainment, they may and probably contain errors or omissions. They are in no way advice. On that topic, I am not educated nor licensed to advise anyone on anything related to finance or investing. I own shares of OMAG, I do not own shares of TSLA, JOE, MDBX.

Bill, in regard to your google-ing of my moniker, hopefully you recognize it as a suggestion, specifically “to be at total peace with your current state of being”. If that wasn’t your finding, please don’t project your personal interests and habits onto my moniker. As you likely know your search results can be based on your surfing history and cookies so probably best to keep them to yourself.