euroz research on ria, page-24

Rereading the analysis of Fox Davis, it is a little too simplistic. Averaging through several junior explorers prospective barrels to market cap, in other African locales. They vary wildly, the result is very dependent on which ones you choose in the small sample. There are so many reasons, why the variation is huge. Up to 15. Chariot was included, post drill for instance.

I think the valuation is wrongish, parts of the research note though maybe useful for some quick details.