Should Noront be valued at for E1 alone.

Lets take a worst case situation where it takes 3 years before large enough, rich enough, deposits are identified to support the infrastructure needed in ROF (Roads/Electricity).

What will E1 alone be worth then at an 'insitu' valuation? Consider recession lasts 2 years and metal prices will recover.

Now discount that dollar value to arrive at what it should mean today for share price. For example if in 3 years the currently defined E1 deposit ALONE would be worth (with infrastructure) $4 per share then we discount that by 30% to get todays value of $2.80 per share.

OK, not finished yet, the $2.80 is based on speculation that enough deposits will be identified within 3 years. So we have to discount a bit more, say it's 50/50 chance (personally I believe 90% when Chromite is considered) and we reduce today's value of E1 to $1.40 per share.

Doesn't matter how I do the back of envelope calculations it impossible to see why Noront should reasonably be trading at current prices.