Let's do a final and deeper analysis to estimate the value of a...

Let's do a final and deeper analysis to estimate the value of a mining company (not just SUM) from the formation of mineral deposit.

The precious minerals are usually created under the deep layer of the earth by high temperature and pressure. Millions or billions years ago, a eruption made the hot mineral liquid to flow on the surface of earth. When the mineral flow met granite or high silica environment, they will be locked and formed high grade concentrate pegmatites. When the mineral liquid flow met soil, they will be mixed with the materials and diff;used slowly. Therefore the mineral deposits are usually belt shaped.
We can draw the following conclusions:

1 pegmatites are usually found at the surface or not deep under ground because they cannot be moved easily;

2 carbonatite deposits are usually found underground;
for example, WA1's niobium deposit is average 100m from underground;

3 pegmatites deposits usually have very high grade because they are not diluted. They are not evenly distributed;

4 carbonatite deposits are usually low grade and relatively even distributed;

5 the larger the volume of the liquid minerals is, the longer distance they can reach.

From the above conclusions, we can also draw the following conclusions:

1 drilling is more effective for the exploration of carbonatite deposit because they usually exist in a large area and distributed evenly. They usually exist deep underground.
for example, WA1's Luni Nb deposit is about 3.5km×1.5km, about 100m deep. By 100m gap, the drilling will find the deposit.
However if we use 100m gap to drill SUM high grade pegmatites, we will miss a lot of the deposits.

2 for SUM the best way is to locate the high grade area by hand and by morden techniques, then drill these area to see the length and depth of the deposit.

3. For SUM, the minerals are found across 10km length tenement, the volume should be large, otherwise the liquid flow can't reach that far.

4 for SUM the non pegmatites area the minerals should exist underground. This need diamond drilling to verify.

5 for SUM the gift is that there are many very high grade pegmatites from surface, and the tenement location is ideal for mining. SUM can mine those deposits at very low cost (no need to process massive soil)