RE: Balanced Realism11 Apr 2026 16:24
Brokers and investors apply a simple method to apply valuations to explorers/miners; a commonly used one is a P/NAV, which increases as a percentage of the total NPV with each stage, such as exploration, and the release of a technical report, such as MRE - for example, SM! could be valued up to 40% of its NPV as it advances towards the release of its PFS.
Declaring that it’s overpriced, mis-priced, underpriced needs expounding as to why: quite simply, predicated upon the first paragraph’s explanation, SML remains significantly camped in the latter.