I get it that you put no weight on IGV. So do you value the...

I get it that you put no weight on IGV.

So do you value the company at zero until the SS then you can compare the capex/cashflow (ie when the risk is removed)?

If it is not zero then what metric do you value the company by.
And if you run the same metric ruler over the peers what do they value at?

Or is the company actually worth something here & now?

We all compare against our peers.

If your neighbour sells their house on a similar size block (as location is the same), yet they don't have a pool you still have a fairly good base on which you mentally base the value of your own home.

Its all about risk reward.

I'll take a 10 + bagger to the upside with a 50% downside..

Whilst we don't know the cost to mine, we certainly not mining dirt (or I have read the recent announcement incorrectly)