My guesstimate for the upcoming JORC resource is 20mt at 1.7% Cu...

My guesstimate for the upcoming JORC resource is 20mt at 1.7% Cu containing 375,000t Cu.

That has an in ground value of A$4.8 billion. Typical valuation range for an economic resource is 2-5% of in ground value. That values the prospective resource at $77m - $177m for 80%. AW1 market cap of A$112m is right in the middle of the range, suggesting that the value is underpinned just by the shallow resource.

It’s a fairly safe bet that the shallow resources will increase with drilling considering the recent hit in hole 3 and other un-drilled prospects along strike. A doubling of shallow resources over 2 years is is a fairly safe investment thesis that should see the share price double with little risk.

Then there is no value attributed to the sediment hosted system in the current share price. Crazy stuff. This market is bonkers.