copper hill is a very attractive call option

This stock has a market cap of only $22m. Let's look at their Copper Hill project which I believe is 100% owned by GCR.

The project would not be profitable at gold below USD500/ounce and Copper below around USD1.80/lb.

However at current prices which are close to or over the assumptions in the NPV calculations value the project an NPV of $900m with a capital outlay of $330m. Around $570m value? (Not sure if the capital cost is included in the original NPV operational calculation). Anyhow, there is massive value in this project if prices for gold and copper remain strong.

So, it looks like this project represents a call option on the gold and copper prices. The longer the prices remain high, and possibly rise the more value will be attributed to the project. If they get the project running surely the market would value the stock around 50% discount to the NPV of the project... or around 10 times the current stock price?

Is there something I'm missing here? Seems like an intersting company given they are valued on explotation prospects only. Any thoughts?