The PE ratio is the historic number. If the projections of a...

The PE ratio is the historic number. If the projections of a company were stable earnings forevermore with no other prospects or risk factors, then the PE ratio would go close to mirroring the industry/sector.

Future projected events, be it positive or negative, affect what multiple of earnings is attributed to the SP.

In our case, I believe NPV is a much better indicator for the SP. As we de-risk the project and give more certainty to it going to production (a huge part of this will be the vote of confidence from a govt grant), then the market cap of the company will approach the NPV.

The SP will be further affected by the mix of financing, Debt/Equity/Grant.