A lot of variables to account for with that but without getting into the weeds and too complicated with capex arrangements through debt etc, you could use 300m SOI and arrive at around $1.22 per share valuation with a 20% project equity stake. That would be a 100% efficient market price in so realistically you'd knock 50% off that to account for risk and depending on what stage of the project etc. Around $150m - $200m market cap would be fair and probably conservative.
If you want to look at this from a more tangible angle you can just do comparisons to other companies. Look at the valuations of companies who are in the volatile grey zone between explorer and developer like MAY, STX, IVZ etc(albeit with much variance in capital structure) and also small producers like HZN and KAR.
Side note: my VARisk calculation was wrong. The correct VAR would be:
A lot of variables to account for with that but without getting...
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Mkt cap ! $18.47M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 16523 | 6.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 6.5¢ | 20307 | 2 |
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