It's disappointing to see the SP slide today, but here is plenty...

It's disappointing to see the SP slide today, but here is plenty of upside to the NPV, IMHO. Once producing, a miner with long mine life should be valued conservatively at 8x EBITDA (Source: https://www.equidam.com/ebitda-multiples-trbc-industries/). An EBITDA of US$197m gives a valuation of A$2.1bn (14x from the current MC) using this metric.

Put another way, the NPV calculation applies a discount (10% in this case) to future cash flows, so $100m of revenue in Year 3 is treated as only $72m in the NPV calculation. But once the future arrives, those cash flows aren't discounted any more

Price increases and the hype associated with being in a hot sector will add even more upside.