This was my conclusion post on a thread i started WA1- econs-101...

This was my conclusion post on a thread i started WA1- econs-101 that amongst various arguments and distractions i worked through the indutrsy, project, costs etc to reach the conclusion realistic Nb prices for one more international entrant would likely have high enough 'revenue-to-cash' ratio to attract required risk-equity funding (more difficult and diluting than secured finance) and be developed. https://hotcopper.com.au/posts/68489531/single

Valuations are almost worthless this far out, especially for a bespoke mineral without lots of peer comps, because it depends very much on the Nb price, general market, years to DFS and permitting, Native Title deal, whether or not a major wants to take over and drops a TO offer etc. On one hand, reality that boredom and continuous Cr dilution over a long feasibility period sees most share prices inevitably walk down from initial discovery excitement over the orphan period of studies (subject to rising and falling with the market and commodity prices in general). On the other hand, This self-fulfilling vicious cycle is impeded by those hopeful of a TO offer dropping one day soon Azure style and it's boom... pay day unless you traded out.

WA1 is not 'cheap' at $280M MC, probably cheap verses the eventual in-production share price years down the track, certainly cheap verses a TO in good time. Long way to say who knows where the price will move to even if the project looks a winner to get developed? Obviously material discoveries or material MRE additions like today's results add to the fundamental value for whatever stage or outcome that happens...