is pen worth 10 times the current sp?

As you all know, the announcement yesterday was pretty positive. According to the pre-feasibility study, the Lance project has a Net Present Value of about $260m USD, which equates to something like 37 cents per share.

Does anyone know what has to happen before that value is reflected on the balance sheet? From a financial accounting point of view, what's required for PEN to be able to list this as an asset, and have its Net Asset Backing and other variables adjust upwards? Are we just waiting on a Bankable Feasibility Study (BFS) from an independent auditor?

What risk premium is usually applied between the BFS release date and the first day of production? 50%? In other words, should we be thinking of the Lance project being worth as low as 17 cent per share to account for risk? Are there any standards or guidelines, or is it just a case of letting the market decide for itself?

Z