Yes that comes latter down the track as your thesis changes and...

Yes that comes latter down the track as your thesis changes and the company hopefully progress to production. Your valuation model needs to become more excact based on production costs. Early on in the exploration phase you need to put a value based on the actual asset. And the easiest way for me to do that is a percentage of the spot price. Then you have inferred, indicated, and measured resources. 5, 10 and 20% respectively of the spot price. It's quick easy and makes for a good first filter to select candidates for further study.