Why focus on Romania? RDM in Brazil alone more than justifies the current valuation! RVP in Romania is a free option at current price levels.

For me valuation of Carpathian makes zeor sense. Look at Gabriel, it has a EV 800m for a single project in Romania that hasn't got permitting for 10 years. So either Gabriel should trade at 100m or Carpathian should trade 100% higher!