mining companies with projects at the stage of estimated resources and reserves before the stage of enterprise construction and mining Analysis of projects for which Feasibility Study studies have been conducted

However, no mining enterprise has been built and no mining is underway, which makes it possible to better understand the reason for the systematic difference between NPV in the technical reports of public companies and the market value of projects estimated using their market capitalization. The professional community and the companies themselves that disclose information to investors

Need to explain in more detail the differences between the two cost metrics – NPV and market value, since not all users have sufficient experience in the mining industry and often misinterpret them. At the same time, market capitalization and stock price volatility serve as fairly informative indicators of the cost and risks of projects at different stages of their study and development.