How about we wait for a resource size, more metallurgical work,...

How about we wait for a resource size, more metallurgical work, a PFS, a DFS, a BFS instead of trying to guess how much revenue, what the AISC will be, what the mining rate will be and whether this is successful in becoming a 1 in 100 exploration company that actually becomes a mine.

It's such early days and this is what we know. The grade is high and the MREO ratio is good. The resource is big (back of the envelope calcs on the drilling done so far is close to 400MT). The high value HREO are low ratio but the grade is so high that on a ppm level they are comparable to other exploration companies.

Your analysis is brilliant but until you have some more conclusive data, the main ones being more drill results, resource size, proposed mining rate and many more rounds of metallurgical test work, the result has too many variabilities.

When i value a company, i prefer to do the calculations from the front end i.e. for every ton mined what is the value within that ton and how many tons are there. This is obviously what makes or breaks a company and is also the easiest way to compare company A with company B.
In the case of MEI it's close to US$100/ton based on the recoveries provided from the high grade material used. This reduces significantly when using the average grade of the project. Which mining company doesn't target the high grade material when mining. MEI themselves say that is where the initial drilling will be focused. So it's likely once enough drilling is complete the company has 2 sets of JORC numbers, one showing the high grade portion and one showing the entire project.

One thing we can both agree on is the potential of MEI is huge but it's still very early days