You shouldn't be comparing the NPV with the market cap,...

You shouldn't be comparing the NPV with the market cap, unfortunately this is too simplistic. A better comparison would be with the enterprise value taking into account in-the-money options and net debt and then factoring in a future cap raising and loans from CS.

As robust as the BFS looks, there are still too many unknowns (debt/equity ratios, whether there will be an upfront payment for an off-take agreement, whether finance will be approved, when will first gold be poured?) and its far too premature to be talking about this being a 10-bagger.

Im not trying to down ramp (I do hold MYG), but once all of these are sorted in out favour are shareholders will be positively rewarded