Like any stock, it's based on potential future value vs. the...

Like any stock, it's based on potential future value vs. the risk of that value not being realised.

FYI, the case in front of the supreme court is around the construction of the royalty - is it 2% of the gross value at the wellhead ($100/bbl), or 2% of net value after costs (say $50-70/bbl)?

If Buru ends up producing 5000bbl/d, then FZR's royalty is worth between 2-4cps in dividends each year (after admin costs). Add in the cash holdings and there's your current share price (at 2cps, 5% yield). If the court case comes out in their favour (4cps), you could add on another couple of dozen cents to the shareprice.

When you consider the potential of Buru's other 2P/3C resources (e.g. Yullero), you're talking many *potential* dollars/share of value to FZR holders.

The risks are in Buru's future production, and derisking of their resources.