RE:RE:EDV vs. SMFI always think the easiest way to think about EV is "Mkt Cap + Net Debt" (where net debt = debt minus cash). This gives the total consideration you would have to pay to own a company outright (i.e. buying up equity shares in issue, and paying off debt).
Although I am aware that the Siou deposit has quite favourable economics, SMFs management assumes NO cost price inflation over the 3 year period in any of their cost categories. I'm not saying that SMF definitely won't achieve their stated objectives, however I do believe that it is a big ask, and there is plenty of room for a few hiccups along the way (greater execution risk than EDV?). I also believe that operating costs per tonne of ore mined/processed are likely to increase over time.