March quarterly earnings were $13,359,000 divided by 97.73 million shares = $0.1367 per share, then times 12 for mining companies = $1.64 price per share.
Proven reserves are essentially worthless, unless mined. And mined, we see, after costs, $1.64 per share. Take away all the b.s. and SWC is grossly overpriced, no dividend, and $196,000,000 long term debt and income statement did not subtract 'operating expenses' just G&A? Have not investigated the 'Notes' in the last annual report where stuff is commonly hidden off the books.
Past earnings are of no value, do look at forward EPS of 8 and compare it to the industry´s 12! If past earnings were of any value, any company with a recent or hostoric EPS negative would not be even trading.
SWC is not going anywhere unless the air is cleared with the Russians telling us what they really plan to do with their majority holding.
What you say about the Russians is true, however, forward earnings is fortune telling, most recent quarterly earnings are a demonstration of earnings, not fortune telling. You do things your way and I will do things my way.