You propose a market cap of circa $700m (20cps) in 3 years from now? ... on the cusp of production. That's conservative imo. Very conservative.
As you said, take a look at FMG's MC leading up to their first production around 2008, off a resource around half MGT'S.
Here is a list of FMG'S MC Y-o-Y leading up to production.
3-4 years out from their first production their MC was c.$700million or (0.7B).
MGT's current MC is 137million or (0.137B) following the formatting above, three or so years from production.
The scope for exponential re-rating over the next few years hugely exceeds your prediction of a $600m MC on the cusp of production IMO.
IO price assumption $70.
MGT share price, page-3831
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