That is incorrect mate.
Pre production resource companies can and are valued differently at varying stages of its life. Firstly pre feasibility studies they are valued on in situ in-ground value of the Jorc deposit albiet at a highly discounted value of sat 5% to 15% max of its in-ground deposit value.
Secondly after the project has completed its bankable or definitive feasibility studies the projects are valued on its Npv typically at a 50% or less discount pending peoject funding arrangements.
The closer it gets to production it willl be closer to the npv. Closer to production means when funding are completed and its just waiting to build the mine. We are now at the stage where funding is 50% or so there with equity partner to enter the frame.
Artic risk or sovereign risks , every project has it, even projects sitting right here in Australia's outback. I have seen projects here fall over just because of a lack of access to water. Lol
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