Perhaps but also maybe no... The market is can often be forward...

Perhaps but also maybe no... The market is can often be forward looking at times so it really depends on how we are looking at the company and its often hard to pinpoint the market's evaluation down to an exact number. DFS is coming out in the next quarter which is sure to add onto that current NPV value which you have pointed towards. So it would make sense that perhaps the evaluation is taking into the future DFS NPV numbers which could further increase the projects NPV upwards of 1.5-2x imo.

But then again, we have the same case with MEP where they hold 25% in the same Great White Project as we do, however are only being valued at ~80 million MC despite ADN's 75% evaluation of upwards of ~ $550mil+. Could make the argument that MEP should be worth around ~$185mil MC in that case aswell imo...