IMO the best guide is ATC since they are a similar coy but further advanced. Their DFS highlighted an NPV of US $505M for a 4,500tpa HPA project. HEG has previously advised they are targeting 8000-10,000tpa HPA production, so our NPV could be around $1B USD.
ATC share price is currently $0.18 which gives them an $80M market cap. All that being the case, I feel a MC of $40M-$50M is very achievable following a positive PFS (SP of $0.2-$0.25) which is still extremely cheap IMO but we will always be valued against our peers and ATC is putting a ceiling on our immediate SP due to their inability to secure finance.
The key is going to be finance, and that's where I'm backing our team to deliver following their success with SYR and others.
All IMO, dyor, etc.
Ann: Strategic Review of Gold Assets, page-86
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