A critique of valuation methods for exploration properties and undeveloped mineral resources

"Exploration properties form a continuum from grass roots to those with favourable geology, geochemical and/or geophysical anomalies, mineralization, showings (prospects), and finally to those with defined mineral deposits. Often, properties exhibit a composite of these categories.The most problematic to value are properties or deposits that are not economically exploitable at the time of the valuation due to a lack of exploration, insufficient grade or tonnage, poor mining conditions, or the imposition of socio-economic, environmental, or legal constraints.Various acceptable methods of valuing the range of all such mineral properties or deposits are reviewed. Some less appropriate methods are also discussed."