XAM is still far away from being a producer. Granted, they have...

XAM is still far away from being a producer. Granted, they have more than double the amount of contained copper than Fyre Lake but that may change quite quickly after further Canadian summer drilling. XAM's Kharmagtai is a porphyry copper play while Fyre Lake is VHMS, so I guess its a different kettle of fish.

XAM's market cap is currently $50 million based on their flagship Kharmagtai resource (cash $2 million so EV at $48 million). If we look at Fyre Lake having half the amount of their contained copper resource, yet has potential (but not yet) to toll treat in the near future, I'd say MNQ should be valued at around $15 million (7.5c per share) based on the potential of Fyre Lake alone.

Above IMO