Fertilizer Prices Rocket to All Time High, page-462

The discount to NPV would vary by a large amount depending on a lot of factors.
If a company was fully financed, less than a year to first production and in a sector like lithium where prices are expected to stay firm or rise further, you could even see a company trading at a premium to NPV.
A company like PRL with production possibly 10 years out, a small market cap and very large capital needs, might trade at just 5% of NPV or less.
The longer the time to production, the more capital raisings you will see which dilute the stock and that justifies a much larger discount to NPV.
Then you could have two projects, similar NPV, similar announced time to production, etc. but one has repeatedly fallen short of hitting targets while the other always delivers. The latter will likely trade at a much smaller discount to NPV than the first.
Having management with plenty of experience and that have created wealth for shareholders on previous projects will also be a big positive.
These examples of factors that could contribute to how much discount to NPV might be applied are certainly not exhaustive.
I think it would be far too unreliable to buy a company at a larger discount to NPV and expect it would get to some average discount like 60% just because that is some standard number that it should reach.
Some of the reasons I expect MNB to keep moving higher to close the discount to NPV are;
very low capital cost relative to NPV. That makes financing much easier.
Low capital cost relative to market cap also makes financing much easier and less dilutive when equity makes up a componentof funding.
ESG stocks attract more investors these days.
Great vision by our MD who hasn't stopped at one very attractive project but continues to look to add value through other projects like the green ammonia.
Excellent work ethic and commitment by our MD based on the amount of time he has spent in Angola working on the phosphate and on securing other projects. He is staying there most of this year too.
A project that will not only be good for shareholders but one that will be a big boost to Angolas economy, its farmers and Angolas ability to feed itself.
Right sector at the right time with fertiliser shortages increasing along with the prices. A very large looming global food crises that will continue to attract new investors to the sector.
The fact that other projects are being added should see some value begin to be added for those.
Very low technical risk.
Im sure this list won't be exhaustive either.
Then the discount will progressively narrow as milestones are met;
DFS, offtakes, funding, major construction works nearing completion and finally commissioning.
I hope that helps.