I am currently interested in valuation of mining/resources/exploration companies listed on the ASX and would like to hear some various views on how others trade these firms.

I have a list of 888 resource/mining firms listed on the ASX, so it is a massive sector of diverse companies that I would like to understand better.

I have been learning parts of the JORC code (the JORC code is the legislation in relation to announcing drilling & exploration results & resource reserves http://www.jorc.org/pdf/jorc2004web.pdf) and to understand the various announcements being made.

Do you think the market values the firms based on the continuous release of drilling data and guesses at overall resource estimates, or does most of the price movement occur around the announcement of the actual JORC compliant Resource? How then do you value the resource in terms of economic value? How do you determine the likely cost of production of the resource, and what sale price is appropriate?

I am conducting some studies for my uni work on this topic and would like to hear if anyone has any experience trading these firms and understand how the market generally reacts to the mining firm announcements.

I currently have a sample of ~800 Initial resource announcements and Resource increases and am studying the price effects of these particular announcements, but would like to learn more about the topic.