theoretically it should but lots of gold projects are in such...

theoretically it should but lots of gold projects are in such environs - so the industry i think regards itself as comprising informed investors who can calculate that ex a discount rate. if you're mining in a place regarded as having sovereign risk the market valuation will always tend to be discounted to greater or lesser degree - whatever a dcf valuation suggests

though in super bull markets the discount gap closes - and if exploration becomes the cause de jour can become premiums if investors are hunting elephant potential - which the tier 1 risk locations dont tend to be seen as having so much. but thats usually quite stock specific - or region specific if one company finds an elephant in a given geological setting

Rim of Fire has enjoyed quite a few of those nearology surges - but 99% are left gasping on the shore when tide goes back out

i agree on dcf analysis - but the point a lot of people dont get is that it isnt supposed to be the absolute truth but a relative truth - dcf's are for internal derisking and ultimately DtM at a point in time - and externally for assessing one project vs another.

they arent supposed to be prophetic as to what the actual cashflow value will be because no one actually knows the future