what is chm worth?

I've been trying to figure out some way to "value" CHM.

At 3.2c/share the market value of CHM is approx $16m. The book value at the last annual report was $2.7m. Assuming that $25m is received from MMX and there are tax losses to offset the profits that would bring the net assets to about (say) $25m.

There is also a claim on Grimaldi and CHM believes the inquiry into Grimaldi's profits will exceed $50m. Assuming that (say) $15m can also be negotiated tax paid from Grimaldi that would mean net assets would be anything from $25m (MMX 25m but nothing for Grimaldi) to $40m (MMX net 25m and say $15m for Grimaldi).

That is approx 5.2c/share to 8.3c/share with a further possible upside if the Grimaldi settlement is closer to $50m discussed by the company in its press announcements. The company values its mining assets at a further 2c/share which would increase the possible value to 7.2c to 10.3c. See Litigation Update 23 Dec 2011.

I'd be interested to know what other people make of this back of the envelope valuation, or if there are other significant variations possible on this?