Ann: Completion of FEED Study, page-10

I am not saying that the development will be 100% debt funded. It is just that while the capital cost is estimated, as accurately as it can be, I cannot predict at what price shares will be issued with for a debt + equity funding. Hence, for valuation purposes, I assume that it is all debt funded.
On what basis do you say that there would be a huge effect on the SP? Surely, that depends on the actual development and operating costs (and these now have their best estimates in this latest study), which only leaves the product price as a variable. Whether the company raises debt or equity is balanced out in the EV and.so I use the EV rather than market cap.
As it stands, Capital Cost + Market Cap. is close to the NPV. So why should the SP go up? Clearly the metal price is what can cause that since I doubt if the capital cost will go down.