Good question!
It affects EV which is considered a more accurate method for valuing a company.
EV= MC+DEBT-CASH
Cash on hand spent on exploration activity defines a resource which leads to a MRE. Maiden Resource Estimate.
A MRE will give you a in ground value of resource which will rerate SP and put a firm value on the SP.
Next Is Financial Feasibility Study leading into financing the Mine project.
This can take a few years and most investors prefer investment periods of 12 to 18 months from discovery to avoid CAPEX of mining project and diminishing resources from mine production.
WA1 Share Price, page-701
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Last
$13.70 |
Change
-0.050(0.36%) |
Mkt cap ! $931.0M | |||
| Open | High | Low | Value | Volume |
| $13.70 | $13.70 | $13.47 | $52.74K | 3.887K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 84 | $13.70 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $13.75 | 133 | 5 |
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| WA1 (ASX) Chart |