Metal Mine Valuation ( just my compilation )

Market determines stock price, we calculate value per share.

Estimate value of assets. (Metal in-ground, infrastructures, cash etc.)
Divide by number of shares outstanding. Result is value per share.

Determine stage of company: Land hold, Discovery, exploration, feasability, development or production.
These determine average 'ball park' percentages of valuation usable as real value.
Discovery (Hype?): 1 (temporarily to 5?) %
Exploration (NI 43-101): 5%
Feasibility: 10%
Development: 10-20%
Production: 40%
Purchase price: 60-90% of gross worth.
Gross worth: 100%

Discovery is finding of said metal whose quantity and quality is yet unknown.
Exploration is drilling and documented reporting of findings.
Feasability is a study of economy of future mine.
Development is construction of mine ( infrastructure included) with associated costs arranged.
Economic Production is Gross Worth minus operating cost (environmental), royalties & taxes (bribery & politics), resulting in profits.
Purchase price is Gross minus expected profit (incentive to buy).

Note:

Osisko is a producing company so it's value should be at 40%+ of resource in ground. It is valued at approx. 20% because of world economy.

Noront's nickel and chromite deposits, the ones that have NI 43-101 filed should be valued at 5%. Remaining discoveries at 1%. Land hold is probably about 0.1%, or hardly worth a mention compared to the others holds.

Again, Noront is undervalued for same reason, world economy.