@Naydoe It's a meaningless cherry-picked comp to a .56% grade...

@Naydoe It's a meaningless cherry-picked comp to a .56% grade copper deposit. As a counterpoint, as @ozblue detailed, Sandfire used to trade at 20% of resource value at the time of the first DeGrussa MRE. Fair to say that Luni's economics per tonne mined will be far more similar to the latter.

As I estimated here, Araxa trades at something like 5% of in ground value, *before* factoring recovery, which is already being applied unorthodoxly as a .5x on the resource size in @Wurlitch's screenshotted analysis, so that's already a factor of 10 difference. Catalao Niobium pit by my estimation is valued more like 10% of resource value, which makes sense as they are digging up the resource at a higher fractional rate (i.e. less future discount).

Btw your analysis is still missing a factor @Naydoe - Nb2O5 is only 70% Nb by mass, and it's Nb, not Nb2O5, which is ~$50 US/kg (this discounts your final value by a .7 factor). Of course, Luni will likely end up being materially larger than the current MRE.