Realistically, there is only one way to value a spec company. Assign a portion of your available cash to spec investments (say 5-10%) then allocate a percentage of that amount to the spec you wish to invest in. Because, in reality, the spec you wish to invest in is worthless until it creates value, or it's only worth the value of the cash in bank and depreciated plant value. Their resource holdings are essentially worthless until such time as their commercialisation becomes economically viable to exploit it. In the case of Wonarah, it's a big deposit but no-one as yet has offered to buy any of the product.
