Ann: 2023 Definitive Feasibility Study Results, page-199

I wasn't going to comment as I don't really know enough about the company.
However, skimming over the DFS a few things stood out which will keep me from looking further.

Is the NPV based on 28years at a discount rate of 8%?
If so, that is concerning.

Take that back to 20 years and the NPV would look vastly different.
Although reports normally come out at 8-10% discount. Financiers need around 20%.
I personally always rework the numbers to 20% and 20 years max.

On top of that, as a few said it doesn't give the breakdown for each stage.
What is the NPV of stage 1 alone? That is where the project currently is and what needs funding.
Those concerns above will result in nowhere near a 1bn NPV.

The 5 year payback is a long time and another concern.
Positive is the low CAPEX which gives multiple options to get funded.

Overall, I don't see any value in a 100m market cap with a quick skim at the numbers.
It looks like it will take a long time when in production to expand the project to get some decent gains.
Wish holders the best, but personally its not enticing for me.