Ann: Eclipse Metals Completes $2M Oversubscribed Placement, page-13

from a multiplier point of view we are sitting at 0.2% at the moment, on a very generous in-situ valuation.

URA ETF inclusion (standalone) would have forced buying of $3M USD (and continued application, and redemptions, rebalancing) should get us >1% multiplier. (so 5x our current level).

The ridiculous thing is with EIA / SIA/ Exploitation (Transition) Licence (partially grandfathered old legislation and new), TIMA Analysis - "Exceptional" being indicative due to (phase-transitioning) Bastnäsite enrichment (well documented) it should be smashed to ~2% multiplier.
Grok already has an "exceptional" view point for the TIMA Analysis - this is dangerous assumption - so I'm in the moderate camp.

But TIMA Analysis + Carbonatite Body has a 'coin flip' probability of upgrade the MRE inferred (by examining the grain phases and transitions) and ascertaining where the Carbonatite core is located (still deeper etc) thus with a possibility of continuous mineralisation, even with the end of the historical cores, may also have a chance to convert inferred to indicated.
So in theory the in-situ valuation is about to be completely thrown out again. The multiplier will still be rubbing ~2+%, but the in-situ valuation will be upgraded.

(That is a flip of coin) heads we win, tails we need more drilling to prove up.