this does not smell right, page-16

sorry, I'm with Upmarket on this

sure it will rerate for a resource being shown to be economic and hence becoming a reserve, but you still need to deduct (from the simple value of the gold in the ground) the:
cost of extraction
overheads
debt cost
royalty
tax

and then make further adjustment for any additional shares that may need to be issued for working capital, ahead of the later debt raise on successful BFS
and
country/landowner/execution risk
and
time value of money
= NPV calc and risk factor assessment

the immediate upside for this stock, imho, is a rerate if the landowner and country risk is reduced by a strong landowner agreement and government support indicated for the PFS. That should improve its EV/resource ratio up from the 30's

and then you would expect/hope for further valuation increases with ongoing exploration success and hence increased JORC
and
further derisking and hence valuation increases on execution of BFS, successful debt raising, mine development and demonstrated ongoing success with the landowner agreement and government mining approvals

plenty of upside potential, all going well