It's almost futile to try and use some formula to calculate SP value until such time as a resource calculation is provided by management and that is always a moving target during exploration phase we're in.

It's an if, if, situation right now. IF DE1 is such and such a grade and with so much ore and IF DE2 is slightly smaller, bigger and IF it's what grade, they'll want to see assays on DE2 before putting much value hiere. Then we hope to get into DE3 and IF, IF, IF.

All the poor analyst can do is say, well we have pretty good idea that DE1 is about this big and we'll put a value of $6 on it because we think they'll find more but don't know for certain. Then lets put a value of $1 a share on all the other holdings of Noront because it's a nice rouind number. They really aren't valuing DE2 at all right now and likely won't until some assays come out.

Now the market is saying, that's nice now can we buy it for $6 or a bit more?, cause that seems a good deal.

All you can do with formulas is guess until Noront obtains the assays and facts from which to run numbers. Sure $100 a share is possible but only IF, IF, IF and that's speculation and not worth a lot to serious investor.