@daando37 (sorry couldn't reply to your post due to the HC Quoting Bug)
I'm not sure I totally understand what you are asking. If we finance at $3 the market cap will increase due to the new shares that are issued but the Enterprise Value will stay the same as it will increase the cash on hand - so in theory the share price stays the same. However, once we have obtained finance this is a major derisking event and the company should be valued based on a higher percentage of the NPV. It is therefore likely that the share price will increase considerably as we become fully funded to production (assuming debt arrangements have also been made).
The low, medium and high valuations are just different NPV percentages for each stage to reflect the fact that there might be other modifying factors (risks/discounts or premiums) at play. For example, you might choose to use the "high" valuation for tier 1 jurisdictions or tier 1 resources or hot industries (like Lithium). Most Lithium stocks on the ASX, that have feasibility studies, are at or well above the "high" valuation - some are many multiples of my "high" valuation. I think I really need to add a "retail frenzy" valuation column - probably just set it to 300% of NPV.
Not sure if I have answered your question - let me know if I haven't.
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