$7m+ income per annum for a junior explorer is almost priceless,...

$7m+ income per annum for a junior explorer is almost priceless, but not quite. How much it's worth is really hard to answer.

Looking around the neighbourhood, though, brings it into focus:

AGC: $11m cap raise, MC $75m.
SER: $2m cap raise, MC $10m.
EMS: $1m cap raise, MC $3.5m.

TLM: no cap raise, ongoing drilling, prelim work on new purchase in SA, no debt, cash float hovering around $8m. MC $56m. 188m SOI. No leakage, no dilution, no tin-rattling, no stress, lots of cash. Lots to like. I don't really know what it's worth, but it's a stress-free and cash-free investment and that's worth something extra, particularly in this climate.