Help With Valuation Exercise on COB

I'm going through presentations and analyst reports trying to get a rough sense for valuation. I found one NPV at $25 cobalt that estimates NPV-10 at roughly $800M AUD. But the problem with that is we do not know the capex requirement. The analyst estimated that capex at $450M AUD, but that is a guess. If the real capex number is $700M, then the dilutive financing required to fund the capex largely absorbs the upside from the NPV-10, comparing against the current equity value. So how do we build a valuation case that makes the current share price look cheap?

If we were going to forget about going to production and we were just going to sell the reserves in place, those M&A deals typically go for 1% to 2% of the current spot price of the reserve. So - from two presentations - I see that they expect to declare about 50ktons of cobalt resource, which at a reserve sale price gives a market value of:
50 ktons * 1000 / kton * ~2200 lbs / ton * $35/lb * .01 ~= $38.5M USD

Since the stock already trades with a marketcap around $100M AUD, we appear to be well in excess of what the resource would sell for wholesale.

Normally with these things I like situations where you can buy the resource for about the price another mining company would pick it up for, and that gives you a free shot at the company being able to successfully make its way to production without diluting you to nothing. In this case I see it trades for 300% of what a mining company would buy the undeveloped resource for, and you cannot actually value it against production value because you don't know what the capex is going to be.

Can someone help put numbers up that make a case for Cobalt Blue being undervalued?