The NPV of mount peak under TNG was multiples of Speewah's fluorite project. On paper the valuations should have reflected that.
Just the funding was never going to come, technical feasibility dubious, CAPEX through the roof even with a lot of items kept conveniently off balance sheet and lack of support from communities and government
So NPV is an important part of the story, but the actual chance of becoming a revenue generating company is multiples now than it ever was before.
It's a 0 to 1 type of step.
Ann: TVN Pre-Feasibility Study for Speewah Fluorite Project, page-41
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