Without any resources identified, I find it difficult to value...

Without any resources identified, I find it difficult to value Becker. However, the company has set a price on it after having had access to more info than we can expect to be given.

Based on 1Moz of resource as a target, I obtain the cost to SMI as $4.42/oz of resource. This excludes any drilling, assaying, geologist reports etc, apart from the initial drilling costs covered by the share issue
I arrived at this using:
-value of the share issue including broker and underwriting costs ($1.5165M),
-value of 10M shares issued to Collerina at 0.8c/share
-value of farm-in payments to Patrick James Burns over the next 4 years (AU$1.2M using todays interbank exchange rate)
-additional payment to Collerina of $0.85M on defining a 1Moz resource
-average 82.5% of the target attributable to SMI

All in all, that does not seem excessive. In general, a mid-range valuation for gold resources is an EV of $40/oz (this is after all the exploration costs have been added in) and so there is scope for SMI to find resources and come out OK. The sample assays certainly look promising and the historic production from the region too.