RE: Hey DPD and seagull26 Aug 2021 16:01
Spudton, all those factors are crucial, but I think they favor ADV significantly. Peak market cap the other week for ADV was £39M against a NAV net to ADV of £133.3M giving a risked (95% COS) NAV of £126M, so even at peak market cap ADV was only priced at 30% of risked NAV, also known as peanuts.
HE1 on the other hand reached £175M pre results. If HE1 was priced as cheaply at 28p peak ramp as ADV was at 3.8p, i.e. at 30% of risked NAV, that would imply HE1's unrisked NAV was (£175M / 0.14) / 0.30 = £4.06 billion. I don't believe that for a second. Helium is valuable, but they HE1 is a super early stage explorer. Many a slip between cup and lip.
HE1 looked expensive and ADV looks super cheap.