I would think that EUZ is a unlikely ten bagger, with 5 billion shares out there, always more sellers than buyers. They are not even close to mining.
It depends on how you define the turnaround time on a ten-bagger.
Will it be a ten-bagger within the next week, or month, probably not.
They are not close to mining, you are correct.
Mining or potential mining companies are however not valued the same way that other companies are valued on profit that's already been made.
Mining companies are rather valued on the NPV of expected asset value contained in the mine
At the moment they're busy with the scoping study that will be out before year end, and this will already help guesstimate the NPV.
Furthermore they will not necessarily ever mine here, but could sell the asset.
They have hinted however towards mining and have already applied for mining license few months ago, though this may take a year or two.
If they do sell the asset or mine, all indications are that the value of contained minerals are many multiples of the current Market Cap of 5.8million pounds.
As stated, all possible ten-baggers contain risk.
In trying to estimate a sales target for my shares I have however chatted to multiple mining investors on London bulletin boards.
On the question whether they expect to sell when this reaches ten bagger states a few have them were of the opinion that it's way to low.
Watch the youtube videos I shared on the EUZ thread which compare the company to some of its peers.
With regard to the comment of the 5billion shares in circulation, I don't see this as being to relevant.
You can't look at the amount of shares a company has and say there's to much in circulation as larger volumes will be traded if the price is smaller.
As information starts to trickle in the share price will rise, and people will buy.
If shares are cheaper more will just be traded relative to if shares were more expensive.
I had 100k SNH shares for example, sold them and just bought 7.5million EUZ share. - (Much happier in owning EUZ than when I had the SNH)
The risk has been stated and is obvious, just thought I'd share some potential.
FYI I'm long on EUZ, do your own research.