Ann: BRR Interviews Atrum's Executive Chairman, page-9

Tony, you make some good points but your statement about arriving at a valuation being "misguided" confuses me. How would you suggest one value this business then?

You mention that "valuations" are just dreams. I think you are confusing my attempt to value the business based on current and future milestones with a standard DCF valuation, which I agree is not particularly useful for a junior miner given the risks to getting to production..... but you still need to find some value for it.

To say that valuing a business like this is a waste of time is somewhat silly - every asset, every business, every company has some value. If you invest in something you need to have some basis under which you are making the investment, otherwise all you are doing is buying something and then "hoping" that it's share price goes up. If you genuinely do not think this business can be valued in any meaningful way then why are you invested?