Evening

Actually companies trade at multiples of earnings and that has very little to do with the 'book value' of a company. The only way to value a junior exploration company without earnings is to look at their proven and inferred mineral resources and of course market favour (strong right now for Gold/Platinum and Nickel).

RN can't know what tonnage is in the DE discovery as he has to wait for drill results, assays and geologists reports. At best he'd have a weeks earier look than the rest of us.

This is what makes it so darn difficult to put any kind of price valuation on Noront. The market talks for this one and it appears to say anything under $5 is a buy but not yet convinced that over $6 is. That will of course change as drills turn and information comes out. A nice result from somebody else in the 'Ring of Fire' would send Noront up immediately imho.