in my mind, the mkt value, is always a reflection of - npv times...

in my mind, the mkt value, is always a reflection of

- npv times the probability of being developed
- plus the option value of extra projects/discovery

I think ev/jorc or jorc/ev are basically a misnomer. have you ever seen one of those jorc/ev bar charts show values that look remotely similar ?

the reason SIR and SFR went so high so quick is because the probability of being developed is so great (because of grade, ore body, location etc). the mkt is saying the probability of Nova being developed is essentially 100%.

same with SFR, it essentially went to it's full npv value $7-8, then just moved in line with metal changes on npv.

-------

this is the open pit scenario Bells ran with in their note (Hartelys just lumping it all together in an u/g scenario)