I think this philosophy is on the right path. The valuation...

I think this philosophy is on the right path. The valuation reports all assign value in some form or another to all GXY assets and you are right that it is possible that the market is looking only at what has been confirmed in reports which would be:
Confirmed shipping for 2 quarters. First one was basically cost covering and the second considered to be covering development cost of the international assets. No cash flow factored into next year because no contract has been announced. Some drilling going on elsewhere and some site establishment in Chile.

--- However ---

IMO This is not the way it should be priced. Doing it this way follows that the market would experience over the top activity for the announcement on either James Bay or Sal De Vida. But they would be funded anyway by Mt Cattlin eventually, just over a longer time scale, so why not increase the value every time the revenue from Mt Cattlin is received? You will (supposedly) end up at the same place. So why do it in one big revaluation when you could see it coming shipment by shipment?
Also, that same valuation would mean very little is attributed to Mt Cattlin cashflow as it is then technically not turning a profit, right? But then if you did that the profit jumps from 0%-100% instantly as soon as the asset development is complete which would result in another massive jump in value but it was there producing the whole time, it's not like the investors were saying "Oops! What a surprise! Your profits have gone from next to nothing to hundreds of millions a year in no time at all!" It isn't right to me.

But as before, unfortunately I think it might actually be thought of this way by some. But it leads to massive jumps in price which I think are unjustified.

Of course GXY will sell their stock next year. Announcement or not the literature on demand is enough to warrent that GXY will secure a buyer. GXY will secure funding for SDV whether now or in the future, with debt or without, sooner or later. The simple formula is if the converters want it sooner then chuck in for it.
Of course the Mt Cattlin income should be counted. If anything it should be scaled up as 380M turns into over 1B according to the latest Sal De Vida dfs. It's just leading to a vertical launch if it doesn't start climbing.

All my opinion and not professional advice.

GLTA