Assuming (and I don't have a basis for that assumption, as...

Assuming (and I don't have a basis for that assumption, as finding pricing for HPA is damned harder than for a lot of commodities/minerals) alpha and gamma HPA are equivalently priced, then yes, you'd anticipate that we're undervalued (another assumption is that Alpha is more realistically priced).

So, assuming (using that a hell of a lot in this post...) the above holds true, and all other things being equal, their improved valuation reflects that they are further along the path to production being DFS-done. If we were to produce 20kpta, at DFS-done time, KRR would be getting up towards a MC of $180-200m.

But a LOT of assumptions there - the interesting comparison would be KRR's PFS to their PFS to enable a comparison of baseline factors distilled down to a cost-/revenue per tonne estimate, and then apply a similar multiplier of their PFS MC to their DFS MC to KRR's. Of course, product costs, exchange rates etc will have shifted. But could still be interesting as an exercise in filling in time.