General discussion, page-8547

@jcmyck ... You need to go back and read what I actually said....

"For us to be equivalent" ,, as in what the sharemarket valued Sandfire at, at that particular stage.

Every stock and every situation is different, for example our mine life will be a lot longer than Degrussa ever was, so of course that will change the valuation. But another factor is the world only has 2 deposits that we know of, of such high grade Niobium mineralisation.

Given current thinking of Brics countries as opposition to western countries for location of minerals, that'll also come into the valuation 'somewhere'.

Would I expect us to have the same percentage valuation of in ground value as Sandfire, is the real question I think you're trying to ask, as in $25B at that 'near' mining stage? The answer is no, because of our much longer mine life, but I'd expect it to be a helluva lot higher than $A1B, by multiples.

Often companies are around 2-5% of inground value for resources, fairly early on, whereas Sandfire was exceptionally high, because the grade made the development pretty much certainty. If we get an MRE of 2Mt of Niobium, with a decent slab, say 1/4 of ~2.5% grade, then even a 2% of inground value would have us a Mcap of around $2.7B. *around $41/sh.

That is ludicrously cheap for something of high grade and a fair certainty to be mined. Even a 5% of inground value after DFS and close to the mining stage, Sandfire had a Mcap of 50% of LOM expected cashflow (not discounted!!). Everyone expected Sandfire to find more large scale resources in the area, which boosted value, the valuation existed and remained...

Even if we took only 10-15% of inground value of just the high grade mineralisation only (not the 50% of Sandfire's), and assumed another 20M shares issued, by 'near mining' we would still be multiples of today on a per share basis... (assuming we don't find a whole lot more high grade mineralisation!!)