Yes, i must apologies for not following the unwritten protocol...

Yes, i must apologies for not following the unwritten protocol of such stock forums whereby positive reinforcement on losing positions is mandatory. It makes you all feel better, until your stock moves down a couple more ticks...

My 2-3c valuation is based off 2 years of aggressive cash burn (for "Admin i.e corporate lunches and first class travel, inflated salaries and director retreats" in the order of A$16m per year) in addition to the evaluation/exploration expenses running at around A$5-10m per year). There is no money out there to develop such mines. Its a back of the envelope valuation..of course.

But what isnt a back of the envelope valuation (and I'm sure you have read this) is the technical report done by RungePincockMinarco in the BTR scheme booklet. But just in case you haven't, I have copied in the most relevant part below:

"RPM therefore concludes that a reasonable value for the tenements in an open and unrestricted
market between a willing buyer and willing seller in an “arm’s length” transaction, with each party
acting knowledgeably, prudently and without compulsion is between USD3.2 million and USD6.4
million with a preferred value of USD4.5 million. This is a “Technical value” with no premium or
discount applied."

In this market, I'm leaning on "discount" be more relevant than "premium".