Right now, resources small-caps (miners, oil companies) seem almost universally to be at a discount to their risked NAV calculated by brokers.
Is this general view
1. primarily a reflection on overoptimistic or sloppy broker calculations,
2. mainly because the market currently favours production cash flow over reserves/resources (jam tomorrow).
3. both of these in equal measure
4. incorrect!
Even CEY over the last 6 months has shown relatively small SP rises in response to positive resource increase statements. Though you could argue that their initial years' production are now constrained by plant capacity so this is perhaps unsurprising.
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