the only way is up,and why, page-4

Of course there at similarities
The similarities are with SDL at an earlier stage of it's development otherwise EQX would also be worth $1.4 bn

Also the magnetics imply depth and length of the deposit. Of course no where near as certain as drilling. A consultant worth his salt isn't going to screw a target up by a zero ie 300 mn as opposed to 3 bn though

EQX will get a JORC resource of a billion easy. Look at tue province iron ore resources are obviously everywhere which makes geological sense - iron ore is not rare in the pilbara is it? BUT it is jorc RESERVES which are harder to find and that is the clincher for EQX. With a strike length of 46km a geologist is going to have a field day. A undergrad student could defend a multi billions tonne inferred resource with very few drill holes!

But yes as you point out a Reserve is sometime ( a drill program or two away). But that is what the share market is for - speculation. Ppl want the ride there. Buy the rumour my friend!