that is misleading example (using ENR)how many drilled holes did...

that is misleading example (using ENR)
how many drilled holes did they drill that already had Nb?
how many drilled holes did RCR have that has Nb?

Lithium is lithium
and we are talking about Niobium here
and we are talking about West Arunta here not Pilbara
I don't have time to research around the companies around there and compare the s/p, m/c...etc
but I do my analysis based on what had happened in the West Arunta
so everything there's backup to support my analysis, I don't come up all these from nothing
from your post above regarding the fair value is what the market want to pay (in your example you think its $100m mc)
and I think you don't get the meaning of "fair value", what the market like to pay on the day could be more than fair value or less the fair value
so that's why share price move up and down all the time and never stand still.

now, you think the fair value is $100m and I think it's 20-30m.
say, they found Niobium from Avalon target
from $100m M/C how high can it go up to?
from 20-30m M/C how high can it go up to?

from the CGR/RCR pair
RCR's m/c used to be lower than CGR
CGR had jumped over to 40c+ or $50m M/C then settled around $30m+ M/C
if this is how market value CGR not long ago, then should also value RCR the similar way
then you look at the RCR chart the most recent price retrace, it went down to 6c+ that is around $20m M/C
at CR price 10c that is ~$30m, and considering the Pokali assay may have negative impact on the share price
$20m-30m M/C should be the fair value based on what it is right now.