Ann: West Arunta Project - Significant Enrichment at Luni, page-165

You're right to point out that the broader intercepts are 20 to 30m wide. But still at very economic grades ~1% Nb.
Maybe the large font, red focus in the announcement on the narrower sections diverted attention?
Very low strip ratio for the wider intercepts, maybe only 2 to 3. The mining costs will be ridiculously low, particularly if free dig.

There's no rule of thumb for market valuations of new discoveries. Too many factors at play. Metallurgy and processing is still a question here.

The set up from here certainly looks very good with money in the bank and very tight share register, but as someone said were are still quite a few months away from the next round of drill results.