net present value (npv) and market cap

I have transferred this from what I believe is an appropriate USA website.

"Market cap is a relatively good way to quickly value a company. That's because stock prices are generally based on investors' expectations of a company's earnings. As earnings rise, stock traders will bid more for the stock price. Including the number of shares in the calculation offsets the impact of stock splits.....

...There are several other ways to determine the value of a company. One good way is to determine the net present value of its future cash flow, or income. This gives the buyer an idea of what the return on investment will be. If a company's market cap is lower than the net present value of its cash flow, then it is undervalue, and a candidate for takeover."

RNI has a NPV at 8% discount of $103m according to today's Ann. Assuming it's a goer (funding approved), then would not this mean a minimum MC of $103? - and that's just for the gold. That equates to about 33c per share. An approx 200% capital gain awaits people who bought at 11c. Then add the vase metals potential!