The valuation of resources companies is open to a huge amount of subjectivity. Not only are valuations subject to fast changing assumptions, such as commodity prices, exchange rates, ore grades, etc., but there is also no common agreement on the methodology to be used. To borrow from Malcolm Fraser, life wasn't meant to be easy for the resource company valuer. I will demonstrate three recent examples of valuations carried out but where the market or actual transactions done show very different results.