RNG seems to be beyond the pure explorer stage yet the price...

RNG seems to be beyond the pure explorer stage yet the price reflects an explorer.

If you price say AU$500 per ounce * 50000 ounces = $25M or 72% of capitalisation or a p/e of 1.4

Normally price reflects the mix of risk, facts and irrational sentiment.

=> So what am i missing, what is the share value on coming good on the lower end, 50,000 ounces as they seem to be talking about higher values ?

Thanks