I wouldn't pay too much attention to these spod valuation...

I wouldn't pay too much attention to these spod valuation metrics. I've seen them on the threads of a few different companies, and everyone seems to be taking it as gospel. It's extremely basic and doesn't factor in a whole bunch of relevant factors like resource depth, accessibility, logistics, OPEX, sovereign risk, cultural and environmental factors, opportunities to value add with downstream conversion, macro factors, etc.

If we took it as gospel, PLS should have a $50b valuation with a $16.36 share price, but they're currently valued around a third of that.

Same for CXO. According to these metrics, they should have a $3.6b valuation and a $1.90 share price. As with PLS, CXO are currently valued at a third of that figure.

So it seems that 10mt of resource in production is actually worth closer to A$400m.