I'm evaluating the near term share price based on the blacksmith...

I'm evaluating the near term share price based on the blacksmith NPV ($256M) and market assessment of ore in the ground value with no path to production ($80M according to last year).

Great point sorry about the the amount of ore in the license, my mistake for late night posting. So you can assume that the $80M value has barely been affected due to the low proportion of extracted ore under blacksmit.

So you get the potential company value of $336M once production starts (or higher if PFD comes out better, but at the end of the day the company value must just be linked to project NPV)?

For the rest of the license to increase in value just because blacksmith is being mined, you'd need to have some scalable infrastructure paid for under the project, but that doesn't seem to be the case based on the current scope?