General rule of thump, assuming the company has a half decent...

General rule of thump, assuming the company has a half decent exploration target of an inferred level resource drilling is about $15/aud oz to about $35-40/aud oz for mine level resource.

So divide your current cash by $15/aud and that is really your max upside in the near term.

Alternatively, you are hoping that the market forgives and forgets and pumps NXM which is unlikely.

IMO NXM is overvalued based on a peer average of around $60/oz which is generally the metric of companies with larger deposits around the 1moz mark and potential for further upside.

a MC of around $8-10mil for NXM is more appropriate.