long poetic missive, page-10

I'm afraid you TOTALLY misunderstand the concept of NPV: the Net PRESENT Value ($300 million) is the value today of future cash flows. In 2-3 years, when the negative cash flow of mine development's been spent, and the future cash flows are all positive, imminent and more certain, the NPV (and presumably the share price) will be higher.

Finance jocks will tell you the function of a Market is to digest ALL information about the future value of a company and factor it into TODAY's share price.