"I personally think all of AVL, TMT and TNO are too cheap." I...

"I personally think all of AVL, TMT and TNO are too cheap."

I agree. AVL and TMT are valued at almost the same on a EV/JORC basis. Both are valued at about 20% of TNG. Plenty of upside.

TNO is a fraction of AVL/TMT but behind in the life cycle; IMO.

AEE is valued at more than 20% higher than AVL but it has a U project at DFS stage.

EV/JORC is a rough and easy guide to relative value but it depends on caveats as per my notes below and the stage within the development life cycle. Interesting, it shows Bushveld and TNG to be valued similarly and Largo is off the charts. 3-6 months back, this was not the case for Largo and Bushveld was significantly under-valued compared to TNG. A negative analysts note on Bushveld re: costs may have affected sentiment. I wonder if the analyst got fired or received a bonus as his firm bought in... (Sarcasm as we all know there are Chinese Walls)

Note in my calcs I:
1. add AVLO conversion into SOI and cash.
2. Include TMT restricted shares
3. Only account for AEE high grade zone at 0.4% cut-off. AEE mention a cut-off of 0.1% for all V. By comparison AVL has 0.7% cut-off on total resource.
4. Have not included additional projects nor accounted for other metals which may create credits.

All companies mentioned here are for comparative purposes only. DYOR; all imo.