Slack,Good try at a valuation, except you have forgotten one...

Slack,

Good try at a valuation, except you have forgotten one huge factor:

Time.

Firstly, Inground value is usually at 1-5% of what its actually worth (many explorers follow this and are actually below 1%). It depends mainly on grade and expected capital expenditure on the project.

Secondly, You cannot use the entire resource as a valuation tool unless you give an expected timeframe/minerate/strip ratio. The inground value is far too high if you just assume the metal is there and its all profit.

going for the top end of In ground EV's (5%) I'd say the market is expecting a resource of around 1.2-1.4million tonnes.

It is on your list but its at the far top end. The rest of this is probably hype...

Then again I never thought SIR would get this high, so congrats guys and I hope this keeps skyrocketing :)