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Valliii, It would be helpful if they could publish in the PFS the costs for copper-and-silver sorting at Hermerdon. 😃

Would it be e practical to transport Redmoor’s ore to South Crofty? Obviously, it would be to Hermedon, about 20 miles away.

So who would sort those two?

Valii, Is Tun West setup to sort tin, copper, and silver?

Just on MRE - yes.

Valid point.

Indeed, Littler - put in all the metrics such as the grades, prices, recovery-rates, resource-size, and so on, and you will see some interesting outputs,

No point talking to you lot anymore, I’ll just converse with ChatGPT instead. 😂

Sorry, I meant Zeus more than doubled it from 1.8p to 4.8p.

Zeus initial’s fair value was around 1.8p, it then more than quickly and confidently doubled it to 4.8p - my inference of its formal withdrawal of the latter is that even had they doubled it to 9.6p, it would have ben an underestimation just as much as the previous upgrade; that’s why I expect it to be double-figures.

Sizer, The following P/NAVs for the different stages serve as a base guideline for mining valuations of NPVs:

MRE, with economic assessment - 0.15x - 0.25x

PFS - 0.3x - 0.50x

DFS - 0.50x - 0.75x

Prod - 0.8x-plus

Of course, lots of variables to consider in between all those, but they reveal what market-valuation may be attainable under the different metrics.

And that’s without including the UK jurisdiction premium in them.

I sense somewhere between 13p and 20p: inputting the variables - such as prices, grades, recovery-rates, resouce-size, cut-off grades, and so on - consistently (for me, at least) yields MRE P/NAVs of various NPV8s between those numbers.

13p, 20p, or whatever-p will be mostly determined by the P/NAV of the NPV8 released at the MRE and the PFS - so, for example, if the MRE’s NPV8 is $2 billion, the share price may well be roughly 0.2x of that number; whatever one may feel about undervalued or overvalued, that is the standard-valuation model for miners.

Why peak at the MRE? The fast-tracked PFS is already underway, probably for release sometime in Q3; both the MRE and the PFS yield different P/NAVs of the NPV8, which continues to increase.

Tungstenman, You have just oxygenated his presence with your previous post. 😜

Tro, Monopoly houses.

A big part of the DFS already funded, for later this year?

Followed by the MRE and economic assessment together - a considerable amount of information for the market to digest, leading to large volumes of trading and subsequent volatility, hopefully leading to a settled share-price in the double-digits.

I think metallurgical testworks first.