MONEYWEB app instead? 08:37 Open: SIMON BROWN:Â I’m chatting with Keith McLachlan, a small-cap analyst still on garden leave until the end of the month. Keith, I appreciate your early morning time. In junior miners â and perhaps ‘junior’ more than ‘exploration’, there’s a gap in between â I’m thinking Renergen, which we both hold, Orion as well, where they’ve proved that there are assets underground. They’re going to be pulling them out of the ground perhaps later this year. My question is, is valuing these companies as simple as saying: ‘How much have they got underground? How much can they pull a year?’ and therefore we get a sense of revenue? Or is there a lot more nuance to trying to grasp a valuation here?