Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-37

Good point Gopher

EQR reached $100m market cap when it started back in the pit (about 35% of NPV). Once production starts the usual premise is the market cap increases towards the NPV.
However, since this has occurred, we have acquired Spain (estimated NPV $100m to $200m), yet to be confirmed but hopefully soon. And Cronimet has converted its $30m NPV into $10m of shares at 9c and production has more than doubled.

Yet our market cap is $90m. The market is a secondary meeting place between buyers and sellers. It sometimes is overbought, oversold or just right. Which one is in the eyes of the beholders.