Net Present Value LION's NPV after tax valuation according to their website is C$86 million at USD $1,100, so it would be somewhat more now--say C$94 million, give or take. The market cap is now $23.5 million so there is certainly room for the share price to move up considerably.
The $64,000 question, of course, and whats kept many folks on the sidelines is dilution of shares with the coming financing. Its possible they could pull off the relatively low capital expenditures without dilution. (Perhaps pay back to the lenders in ounces of gold with a guarantee of USD$1,250 minimum would do it, I think) .
More likely it will be a combination loan and shares. Since dilution hits Berukoff in the pocket, I'd be surprised if the share count went from the present 63 million to as high as 100 million, but even if they did, the value of present money invested in shares should still be worth twice or more what it is now according to its after tax NPV.
This is just talking about the 'starter' mine, of course, and obviously saying nothing about the tremendous upside to exploration of this high grade, gold laden,old caldera. (That has exploration costs alreadybuilt into the AISC.)