"Project NPV of (just) $700M+ and Curis is valued at $70M+. VP - would you say that is a relatively fair valuation (in your opinion)?"

Let me back up and approach this one more time. I think I only gave part of the answer in my earlier reply.

The direct answer is, no, not as compared to LBSR. 10 percent of NPV is very, very high, but note that Curis is beyond pre feasivility in a comparatively small, very low cost project with an highly attactive IRR, somewhat in line with other projects of this type.

Is this a "fair valuation" for Curis? Probably.

One of the big differences here is that there is not likely to be a pre feasiibility study on Hay Mountain 2-3 years from the start of drilling. Also, the Curis valuation is based on the 2013 pre feasibility. Then again, the project types and scales can not be compared.

VP