Please guys, I have a question for those of you that are a lot...

Please guys, I have a question for those of you that are a lot more versed into fundamentals and valuation of gold explorers. What does it take for an explorer to reach a 900M - 1B market cap ? Is that actually something that is actually possible as an early exploration stage ? What kind of discovery could lead to such cap at the drilling stages ? Has there ever been gold explorers valued at over 1B while still at drilling stage ?

Also, if you have any examples of discoveries/companies and their valuation at various stages of the discovery that would be VERY useful. Not familiar with how those discoveries are being valued by the market at all. Reason I want to find out more obviously is I want to check if wave 3 and final targets are at all possible. They are way in the stratosphere, so ambitious I'm reluctant to label them on the chart...

Only example I am aware of myself is WA1 which is valued at 900M and still in the exploration stage unless I'm wrong (?). Again if anyone familiar could chime in would be great. What kind of discovery got WA1 to that cap and how exceptional are their findings ? Is it a once in a decade thing ? Just a big pot of gold but not so uncommon ?

MANY THANKS to those who reply. Had to go through the same process on the AZS board to validate my targets where even feasible and it helped me tremendously to stay tight. While I rely on charting for 98% of my trading process, don't wanna fool my own self believing in things that are out of the realm of possibilities.