Valuations are always difficult and very individualistic (that's...

Valuations are always difficult and very individualistic (that's why the sharemarket's of the world are full of Share/Stock Analysts) Bell Potter is about the only one that has attempted that for ARU.

Some risks identified by BP incl: (my bold)

Risksinclude, but are not limited to:
• Commodityprice and exchange rate fluctuations. The future earningsand
valuations of exploration, development and operatingresources companies are subject to fluctuations in underlyingcommodity prices and foreign currency exchange rates.
•Infrastructure access. Bulk commodity producers are particularlyreliant upon access
to transport infrastructure. Access toinfrastructure is often subject to contractual
agreements,permits, and capacity allocations. Agreements are typically long-termin
nature (+10 years). Infrastructure can be subject to outagesas a result of weather
events or the actions of third partyproviders.
• Operating and capital cost fluctuations. Marketsfor exploration, development and
mining inputs can fluctuatewidely and cause significant differences between planned
andactual operating and capital costs. Key operating costs are linked toenergy and
labour markets.
• Resource growth and minelife extensions. Future earnings forecasts and valuations
mayrely upon resource and reserve growth to extend mine lives.
•Sovereign risks. Mining companies’ assets can be located incountries other than
Australia and are subject to the sovereign risks of that country.
• Regulatory changes risks. Changes tothe regulation of infrastructure and taxation
(among otherthings) can impact the earnings and valuation of mining companies.
•Environmental risks. Resources companies are exposed to risksassociated with
environmental degradation as a result of theirexploration and mining processes. Fossil
fuel producers (coal)may be particularly exposed to the environmental risks of end
markets including the electricity generation and steel production industries.
• Operating and development risks. Mining companies’ assets are subject to risks
associated with theiroperation and development. Risks for each company can be
heightened depending on method of operation (e.g. underground versus openpit
mining) or whether it is a single operation company. Development assets can be
subject to approvals timelines or weather events, causing delays to commissioning and commercial production.
•Occupational health and safety risks. Mining companies are particularly exposed to
OH&S risks given the physical nature and human resource intensity of operating
assets.
•Funding and capital management risks. Funding and capital management risks can include access to debt and equity finance, maintaining covenants on debt finance, managing dividend payments, and managing debt repayments.
•Merger/acquisition risks. Risks associated with value transferred during merger and
acquisition activity. ADDIT:(think Hancock Prospecting/GR)
• COVID-19 risks:Mining companies’ rely on freedom of movement ofworkforces,
functioning transport routes, reliable logisticsservices including road, rail, aviation and
ports in order tomaintain operations and get their products to market. They also relyon
liquid, functioning markets to sell their products. Measuresbeing put in place to combat the COVID-19 pandemic are posing risksto these conditions.

All IMVHO, DYOR (cause I have), GLTA(patient)LTH "Build it they (even Musk) will come for more"