Hey C.
Well, that is pretty good question, so good in fact I have been puzzling on how best to tackle it.
Firstly, ZNC is indeed a pure explorer. So much so, that management have a history of simply exploring and then either splitting off assets into new companies (ZNC is one of them, from GIR). Or they simply sell the whole company, like GIR at the top of the market back in the 2000's, I am guessing, but I think management made somewhere around $30-60m for themselves (and obviously a lot for all retail holders). They are proven explorers and able to reward shareholder, but... don't have the hype of others, which is fine, as I don't think they want that sort of limelight.
They have already stated they are looking at possibly spinning off their American/Mexican Lithium assets into a new company, once they have more results to prove up the value of the assets. In fact, your big question may actually be answered later this year, when the J/V partner ZNC has in the U.K, lists its company. They will have 51%, ZNC will have 49%. Whatever the U.K market values the new U.K company at, ZNC should at least be similarity valued, or even more so, with the $5m free carry, plus 30% carry to PFS studys.
Ok. Finally had an idea of a company, that through exploration, hit the motherload and has since seen the sort of share price appreciation that ZNC management have done before.... KDR. They found Lithium, big time in W.A. There are of course many others.
I will be honest, right at this moment, ZNC has a lot going on, but... nothing concrete that as you mention, is easily valued due to the early nature of all the assets. Hence I hold the stock because it is very speculative, they may not find anything spectacular, ever, but... I am slowly learning to follow the best management teams, I seem to make good money doing that.
In time, if ZNC has success with the drill bit, resource numbers will be announced and then more studies will occur, but... by then ZNC will probably have done more J/Vs, as in the end, they want to explore, not fully develop, at least, at this stage anyway.
Hope that helps a little.
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