I mean considering the NPV is by now probably over 2B AUD with...

I mean considering the NPV is by now probably over 2B AUD with the dollar tanking and we are at 33M MC, assuming a risked valuation approach I'd argue with funding on the horizon and a relatively stable outlook for Vanadium it should be something like 10-15% of NPV at this stage in a healthy market which would be 200 or so Million (a 6-7x increase from now).

In this market I don't think we are super undervalued, every small cap is just being brutalized right now, just look at QPM. I am very happy with my mid 6c entry though, I can only see up from here, if we fund then this stock should realistically be a 20x minimum though the annual revenues aren't super high which makes it less clear what the end steady state would be for the blue sky estimate.