With relations to cost, our operations will be similar to that...

With relations to cost, our operations will be similar to that of BCN only we will have a larger defined deposit, whereas BCN have adopted the start small, use cashflow to explore further strategy. Refer to the below extract from their feasibility. Our Initial Capex is going to be much lower and based on the current POG, our IRR% likely higher!

You can value a prospect by either using benchmark recent takeover bid EV/Resource Oz rates (AME, ARS). But for MDI, Also add in the valuation of the processing plant + assets + potential royalties revenues from toll milling the nearby stranded deposits (Say $15-20 Mil). Alternatively, do a DCF for the sandstone project based on the Net Asset Value, Divide by the SOI and you'll get your approximate valuation.