Things that make you go hmmmm

Dorsch said the company had asked for access to about 10% of the forest, which would likely reduce once discrete targets were identied.
Bairstow said access to the forest presented material upside risk to the exploration potential at Julimar, which was not factored into Macquarie's valuation.
Macquarie has an outperform rating and $1.80 price target. Using a palladium price of US$2340 an ounce sees Macquarie's valuation rise to A$3.37 a share.

From Mining News article posted on website.

So, the $1.80 is based on Gonneville with nominal values for the rest of the portfolio & Pt of USD770. At $2340 it's A$3.37. But not counting anything in the State Forest.

We know from the EM announcement that the footprint to the north of the SF boundary is both several times the size of Gonneville and the signature is 3x+ the conductivity, suggesting shallowness and potential for massive sulphides. None of that is included in the above valuation.

Hmmmmmm.....