I've only got a small position here myself. But, I think it is...

I've only got a small position here myself.

But, I think it is worth pointing out that what matters here is the current valuation v intrinsic value, not how fast this has 10 bagged. The share price doesn't matter; the market cap matters.

$3 is certainly not out of the realms of possibility when you compare this project to comparables in the nickel sector (SRL & ARL).

Please feel free to correct me if I've got any of the below figures incorrect, I've had to make a few rough estimates here, including NC1's likely NPV, which I've estimated at A$3,000m.

As to where the share price will go, no one knows for certain. But we can use comparables and history as a guide. PFS stage projects tend to trade at around 10% p/NAV on average in the resource sector.