for mine, its about probability to become a producer. Otherwise...

for mine, its about probability to become a producer. Otherwise a paper asset does not re-rate the mc.
Where is better, than to argue your case, right next door to Mitz. Why them, and not us.

If the smallest of them, in resource , we became producer, and the others didnt. What MC would we be ?
20 years of 37-200m profit pa. x PE 5 ? And how many bags is that from a lowly 13m mc.
(equity / debt finance considerations required)

That is the reality of it. A huge resource is not a metric to drive the MC. They are all speculative, and have plenty of future earnings, 20 years etc.

Rather The mouse that gets the cheese. And the upside on the bet.
From 13m mc to where ? As the production scenarios all look similar, the best win, is the smallest mouse today with the best nose to find the cheese.

We would want to re-rate after approvals, though, before we consider equity / debt financing.
They need to promote the heck out of it, when approvals in place to get the lowest dilution .