I previously posed the question below and was hoping for a...

I previously posed the question below and was hoping for a response.

Can anyone provide insight into or where the gaps are in this logic:

Boseto BFS NPV @ a miserly 10% discount rate: $251M
Net Debt ~$188M
DML Market Capitalisation~$275M
Enterprise value $463M
Implied Blue Sky value $212M

Note the Boseto NPV was based on BFS before grade, resource and other issues that will cost.

Is the blue sky value justified based on the defense put out by the board? Or is the current market cap over valuing DML by $212M and more realistic market cap $63M plus any blue sky say an arbitrary $50M?