But having TWO of the the world's top ten gold miners farm in is a clear indicating that they think this asset has serious potential. I defer to their opinions.
The x4 is factored into the calc. It shows what sort of value the asset might have at current scale when advanced. Given next door location it seems a fair comparison especially as ALBA's grade is higher.
Bluejay's project has a JORC resource of 117 Mt at 6.1% for 7.14Mt ilmenite. ALBA's project has a JORC resource of 19 Mt at 8.9% for 1.7 Mt ilmenite. Unlike ALBA, Bluejay only has a JORC for this asset. Bluejay's market cap is £75.5M. £75.5M / 7.14Mt x 1.7 Mt = £18.0M rough read through valuation for ALBA's Thule Black Sands project, which is 60% of the current market cap or 0.32p/share.