LTR is another interesting one too , 150MT reserve current mrkt cap is $4.5B now of course this is a bit more complicated since it has a construction cost it has sunk into that plus its nearing the production life cycle. but they do have $750M debt spending on capex to do so there is all sorts of modelling you can do to get valuations.
lets go really simple back of the envelope and turn back the clock instead before capital raises etc and go back to a presentation in Oct 2021, they had a mrkt cap of $2.8B for a 150MT reserve, the DFS pending later that year. so again its 2 years ago but do the math of $2.8B for 150MT @ 1.4% at exploration stage (prior to DFS and capex raising etc)
or use the Euroz model of 100MT with clear a path to production is worth between $1.5B to $3B of speculative development value.
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