VRX valuation

I came across this reference (April 2021) from another of my holdings, but
it seems directly relevant to VRX when attempting a quick company valuation.
https://catalysthunter.com/mining/fyi/fyis-net-present-value-almost-doubles-now-over-us1-billion/

The key quote is :
"Generally, we think a company should be valued at around one third of its NPV in a DFS."

Of course, VRX has completed its BFS, but applying this rule to the NPV from the BFS would
imply a market cap of A$728m x 33% = $240m

which equates to an SP of 47c.

For financed projects, the average valuation is around 55% x NPV = $728m x 0.55 = $400m
(https://www.datt.com.au/blog/adriatic-metals-an-addendum)

which equates to an SP of 79c.

So at the moment, our SP should be somewhere north of 43c, but heading towards 79c,
especially since our required finance is surely low risk at only ~$30m.

All IMHO, DYOR