Below are quite common valuations for an exploration company:
Stage 1 (PFS complete) = 10% of NPV
Stage 2 (DFS complete) = 15% of NPV
Stage 3 (DFS + offtake and/or finance secured) = 30% of NPV
Stage 4 (Construction commenced) = 50% of NPV
This is way undervalued!
Ann: VR8 interest in Tier 1 Vanadium project increases to 73.95%, page-7
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