"compare different companies at different stages of development"
That is one of the biggest reasons I hate it to be honest. You could have two exact analogues of Opuwo for example right. Both 112Mt JORC's both with the same metallurgy, same orientation everything.
Company A has completed a DFS, fully funded, BOA's in place and started constuction Market Cap $800m
Company B is on it's way to a SS. MC $140m
If you do an EV/tonne analysis on these Company A looks way overvalued or company B looks way undervalued, but in reality that isn't the case at all.
Ann: Opuwo Cobalt Project Maiden JORC Mineral Resource, page-265
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