Pre production /development companies are usually valued at an...

Pre production /development companies are usually valued at an implied inground value per tonne . For oil that might be 20 dollars per barrel , for gold 400-500 dollars per oz for zinc the figure as with other resources is based on the quality /grade of the resource and size , which impacts ultimate economics to produce.
In Zincs case a fair estimate of the zinc RXL has discovered in Teena would be 300 per tonne
There is an estimated 58m tonnes so approx 17.8 m owned by RXL . That places a value for rXLs share of teena at approx 53.4m . The 300 I use is slightly conservative with some other companies valued at 350 or 390 IGV per tonne which ofcourse could take the value into the low 70m mark
If one adds RXLs other prospects and vakues these at 10m then a fair value for RXL would be around 64 m or around 5.4 c per share.

Ofcourse these valuations can change with changes to the underlying commodity so if zinc was to increase to 1.20 or 1.30 per pound the value of Teena could be worth 90-100m

Based on the above , I think RXL is very good value and a good way to get exposure to excitement surrounding Zincs prospects which seems to be increasing

I bought half my position back on Friday at 2.4 and bought a little HRR as well to increase my zinc exposure to three stocks IBg , RXL and HRR. I think it will he the commodity of the next 12 months