The guy who does the IKN newsletter values Carpathian at 47 cents based on its RDM project alone, and 91 cents if you also include Rovina.

He notes Rovina is years away from being a mine, they don't have the $500m in financing necessary, and RDM is where the action's at.

But if they progress at Rovina, he's happy to raise his price target from 91 cents into the mid-buck area.

He gives a very detailed financial analysis of the stock to provide a basis for his target price. Fun newsletter to read, can't recommend it enough.

To me the 15.7% IRR for Rovina is the sticking point.