I mean i'm confident this is an accurate valuation.
in its current state VMS; all projects in late preliminary stages, no positive cashflow, 12 million in funding. A 100mil mc is fair (9c)
by EOQ 160mil mc is fair (14-15c), considering state of earnings from RIley by that point, cashflow turning positive milestone, possible some more favourable exploration results on kulin and possibly minor progress on mt lindsay - maybe conclusion of MET at the site, which AR alluded to here:
https://youtu.be/PMlWndYNkMY
$250 - $300mill MC (23c-27c) by EOY if IO prices stay consistent with present levels, then that valuation is based mainly on cashflow. I'm conservatively calculating around $50 million in revenue by that point. plus any minor progress achieved in the other projects (but I dont see a great deal happening).
i think FEX rise over the last 8 months reflects this, however I hesitste to compare them to VMS at all, they are on different ends of the spectrum.
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