I suppose it will take a while for the market to stop looking at...

I suppose it will take a while for the market to stop looking at this as a resource company and to look at it as a technology company, especially given this company's history. However, once they do that then the valuation metrics change dramatically. Both require cash to fund development but valuation multiples are very different due to the exponential growth prospects (mind you risks are also higher).

It would be helpful to see some financial projections for this new business..... whatever they are even after discounting them for being overly optimistic I suspect that a $1mm pre-money valuation still looks very cheap.