You could query this very same point with IRD. At their projected production rates, IRD's resource would last no more than 16 years.
Fact of the matter is that both company's will improve their resources quite a bit over the next 3 years.
For example, CAP aims to have a 6Bt resource by the time production commences. I believe IRD is around the 4-6 Bt mark as well.
NPV is based on risk, cash flow and time. Provided that the resource is there when it really matters, the NPV will take care of itself.
Ann: Iron Road Announces PFS Results , page-4
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