Without going in to the details of each asset, scoping study, status of approvals, etc as a guide, you could the use market valuation during the period prior to the pivot to deep tech materials development really kicked off while these assets were being scoped and approvals obtained (which I'd suggest is as good as any).
Through mid 2019 to early 2020 share price ranged roughly 10-25 cents with significant volume going through on the spikes to the higher end of the range and major support/resistance around 16 cents over that period and rising to 18.5 in the quarter just prior to the IBM partnership announced in May 2020 which I'd say is when the market really focused it's attention on the 12CQ quantum chip.
Pick a number you think is most reflective and multiple it by the shares on issue at the time (approx 200m)
Conservatively 15 cents would give a value around $30m. And this compares with the IPO pricing of about $18m.
I am of the opinion the IPO has been priced low to ensure a successful listing and does not reflect the true value of the assets.
I originally invested for the graphite.
The Campoona graphite project was fully permitted at the end of 2020, and scoping study from 2016 looked good:
Always DYOR, and happy investing.
(20min delay)