ARL chart, page-1032

the difference with bitcoin from what I can tell, is that with bitcoin there is no underlying value, other than market belief.

Companies that make $ and return $ to shareholders, or in this case with explorers/developers, have the potential to make $ in the future based on real assets they control and can develop, don't purely rely on belief - e.g. it doesn't matter if punters don't believe the ni/co/EV story, what matters is if nation states decide they need control of these critical resources. Sure, degrees of belief will come and go and result in assets being under or over priced over time.

Lets make it tangible.

I would say for arguments sake, bitcoins value is 95% belief, 5% some underlying tangible value for people. I would say stocks like ARL, CLQ etc that have tangible assets that are useful to the EV boom, should be something like 20% belief, 80% tangible value. Of course, with euphoria or despair, the share price probably gets more like 80% belief, 20% value, but I don't think that changes how an investor with a 3-5 time horizon should value these stocks.

On that basis, ARL at current market cap looks like a massive discount on the tangible value it can provide to the EV sector over 25+yrs. all imho as always