HXG is an interesting comparison.
They are currently valued at c. $100m at a project level but noting that MIN are responsible for all expenditure including capex to buy their part of the project (from the way I read it). They have half our resource at 60% of our grade. i.e much worse NPV.
They are looking at producing 100ktpa by 2021.
We could be producing 20kt by end of next year and our full second stage by 2022 yet we are valued at <$20m.
Funding and offtakes key value drivers here clearly. Once they are sorted we should see valuation gaps close in my opinion.
