It is true that some companies receive a PE ratio of sometimes...

It is true that some companies receive a PE ratio of sometimes up to 20 times. I think this is usually US stocks and they aren't in iron ore haha

If the stock was to be given a PE ratio of 20 times and you factored in the $42 million in sales agreements, additional offtakes and the value that AP14 may unlock, then yes you could argue an MC of $1 billion, but it won't happen.

To be a billion dollar company, you need billions in potential sales. Look at TON, they have a deal with a Chinese company for a couple billion in sales and they are valued at $100m at this stage.

LNG made it to over $2 billion because they have billions in earnings in the pipeline within the decade.

NSL isn't going to be earning billions any time soon, if ever. They would have to be kicking ass and taking names with the big boys to reach those kinds of heights.

Best to set expectations to something like (best case scenario) 10c in the next year and if AP14 ever goes into production, 30-40c within the next 5-10 years.

I know you probably aren't really considering $1 to be possible, but it would be a super duper duper long shot if you did.