Nickel, page-68

What you're alluding to may be described as Enterprise Value ("EV" - not the electric vehicle kind). There's currently ~$25m debt outstanding in the form of a CN which needs to be added into the equation. So, the market is currently valuing the EV of POS as ~$63m (i.e. $98m MC - $60m cash + $25m outstanding debt). That's for the entire company, which includes the BS complex (the subject of your original question) + the LJ complex + the Windarra complex.

Where the SP should be is a matter of personal opinion. The market has consistently marked this non-producer down, but will almost certainly re-rate the SP upward if/when the following events occur (for starters):
- the NP reaches/maintains the required BS DFS hurdle price (the single biggest factor, imo).
- restart works for BS actually commence and run according to plan (after the NP hurdles have been met).
- the new CEO who is eventually appointed can inspire the market with confidence that the team that is put in place can deliver. (We had that in RD, imo, but he's retiring after a short-ish stint at the helm.)

Re-rating is not a single event. It usually happens incrementally over time, as the ducks line up and milestones are achieved...