TMT now has a very large target on its back, page-695

Nice work. I think your model is spot on. This is extremely valuable.

I value a company at this stage of development to be worth around 10-20% of its NPV. If it gets permits I would knock it up to 15-25%, and progressively increase until it gets to funding and construction to 30-40%. Once in production I would put it above 50%. This is just my standard rule of thumb for most developers, everyone has their own.

If I overlay the current V price I get a very good sense of where the market cap should be. It current sits within that range.

Just my opinions.