What I use for quick ball park valuations. Because company is ready and we discussed this long time ago, time for refresh?

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 (or projection of outstanding). Result is expected value per share.

Determine stage of company: Land hold, Discovery, exploration, feasibility, development or production.
These determine average 'ball park' percentages of valuation usable as real value.
Discovery (Hype?): 1-5%
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.
Feasibility is a study of economy of future mine.
Development is construction of mine with associated permits & costs arranged.
Production is Gross Worth minus operating costs (environmental), royalties & taxes (bribery & politics), resulting in profits.
Purchase price is Gross minus expected profit (incentive to buy).
Gross worth: All assets plus net income.