I’ve got shares in Mincor which has traded at multiples of its...

I’ve got shares in Mincor which has traded at multiples of its 2020 NPV based on a much higher nickel price and good drilling results.
The NPV for CYM was calculated on only the initial oxide phase and was quickly outdated by an increase in the oxide resource which has added at least another 2 years of production as per the recent Webinar. With all the infrastructure in place i think the sulphide phase will not be capital intensive. The NPV is also sensitive to the copper price (as mincor has been to the nickel price).
Not disputing the wisdom of comparing market cap to NPV but personally I’d be surprised if the NPV of the restart study acts as a ceiling to market cap. It’s certainly useful though when ensuring you don’t overpay for shares, or the oppies when they list.