Compare the exploration companies doing preliminary drilling...

Compare the exploration companies doing preliminary drilling with Mcaps 2-3 times AUL - for example CTM, who I think is fair value at their current Mcap ($23m) but have gone as high as $41m in the last year.

I’m not interested in where the price has been, I’m sure it was overpriced in the past based on the charts, but that’s not the data point I’m looking at or interested in. I’m looking at today where they are trading for a fraction of their asset value, let alone any future cash flow, exploration targets and resource estimates.

I’m specifically looking for constructive criticism here, so if you can show some analysis on valuation I would really love to go over it.

What would you value their infrastructure at and why?

What would you value their processing plant’s future cash flow at?

What would you value their 667 square kilometre tenement at?

What is your cost estimate for getting Morning Star and ROD to operations?

Supply has dried up completely at this SP, with less than 3m shares changing hands today despite 30m buy orders a pip below, so a bottom has been firmly established. I’m relatively new to near-term mining plays but I have experience in exploration investing and speculative investing more generally, with many winners under my belt, so please educate me on what I’m missing here.