Oz Minerals (OZL) bids for Avanco Resource (AVB), page-8

It is true that an existing production asset will get a much lager valuation because it has already been de-risked.

But that's the big opportunity and hence leverage proposition for Rex Holders.

The recent transactions with TGS, AOH and AVB all illustrate that there is corporate money prepared to acquire at various levels of development, and they can at times pay big premiums. The common theme is they need to gain exposure to copper ahead of the looming supply deficit.

So we have seen a start, with the price of Rex tripling from 6c to 18c, and hopefully just the start of good things ...