Ann: Positive Pre-Feasibility Study Enhances NAL Value, page-333

it's NPV over the lifetime of the project

cashflow in the later years gets discounted to nothing because of the effect of compounded discount rate over many years, so the long lifespan of the project is already factored in. Please go revise the definition of NPV >> NPV makes projects with different lifetimes comparable as it discounts the cashflows back to present day value. The profits obtained in the last few years are massively reduced in weighting vs early years. And a $1bn today is equal to any other $1bn today no matter the length of the project

$1bn is understandably not seen as huge compared to the current market cap of the company, which is why investors sold today I reckon, but the economics of this project in isolation are outstanding

Even ignoring the ample upside when using current spot price instead of the conservative ones used, what's relevant is that we're talking about $1bn of wealth creation with only a $100m CAPEX investment, so the return on investment is off the charts which is why it has a superb 140% IRR
short 2 years payback + high IRR + low CAPEX makes it very palatable to finance so NAL's project economics are great

SYA now needs to provide additional value via the other projects and/or future acquisitions and expansions to justify its market cap.
NAL is the first building block imo

Don't forget PLS's NPV at PFS was $1.1bn and they're now worth 7x that