Ann: MRG HMS - World Class HMS Deposit Confirmed at Koko Massava, page-38

Hey @winesy108,

Those are fairly sensible rules of thumb that you are using. Good stuff. Personally, I have determined my P/NPV guidelines based on a historical sample set of P/NPV analysis run by Edison in a 2017 study across a variety of metals gold, silver, uranium, copper and zinc juniors etc.



Edison determined the most important factors as project grade, IRR, jurisdiction and then size. But, all vary with time/stage. Low CAPEX intensity was also revealed as key. Those factors help determine whether the project should trade closer to the mean or the maximum P/NPV ratio.

Also, it is worth noting that there is an apparent ‘anomaly’, whereby valuations are lower for companies with projects at PFSstage than they are for companies with projects at PEA stage. This is a good thing for MRQ. Interest in the PEA could enable a fairly high valuation across the next couple of months if all goes to plan...

It is a firm hold for me at this stage; I'm looking for prices in the 2-3c range and I think we'll get there.

T.E.P.