@MinerBrad ......"I meant have a present value of AUD $160m." If...

@MinerBrad ......"I meant have a present value of AUD $160m."

If you mean to the Mcap of the company, I have to disagree. Something is either mineable or it isn't. There are currently no plants in the area, and assuming WA1 build one, they would have no need for any extra ore for decades.

Over a lot of years I've seen many companies with some small high grade mineralisation found, that ends up being worth close to nothing, unless there is someone nearby that needs to ore. For example Sandfire eventually bought out the Thadunna deposit (IIRC), a close neighbour with a small high grade copper deposit. It kept Degrussa going for a year or 2. However they only bought it after their existing ore was obviously running down, and had exhausted all their own efforts to discover more.

What ENR have discovered so far would be worth a lot if WA1 had not found so much mineralisation. Because they have found a lot, there is no need to buy anything from here for decades, while at the same time the combination of Emily, Green and Crean only add together to a couple of million tonnes of high grade mineralisation, not enough for a stand alone mine.

I notice the market after opening up, is now down to new lows for the current move, as all I've written above is well known to the overall market, and now not much 'value' will be placed on what's found so far.

Should ENR find a whole lot more in other areas, then the story will change again and there is a lot of ground to still cover, however using the assumption that companies always drill the most likely areas first based on geophysics, then the odds of major new discovery decline with every new drilling campaign, IMHO.