RE:RE:Let's Not Get Carried Away With Multi-Bagger Dreams Just Yet One other thing I'll mention.
Just because an estimated After-Tax NPV (5%) number is presented in a FS doesn't mean the company will ever be worth that much (or even close to that much). A lot of assumptions are made in creating a FS, so the NPV figure requires not only that all other assumptions come to fruition, but also that either the market or a potential buyer of the company believes the company is worth that much at some point and are willing to pay that market cap price to own shares of / buy out the company.
Again I point to MOZ - its FS calculated an After-Tax NPV (5%) of $648M. MOZ then proceeds to sell the company to CXB with its Nicaraguan mining operations in an all-share deal (which is typically how gold companies are bought out) such that MOZ's current market cap still sits at $370M and will likely close under $400M. Same thing with Sabina (SBB) when it was taken out by BTO - lots of angry posts on the SBB BB upon the takeout announcement as investors were very disappointed at what they considered a lowball offer from BTO that was accepted by SBB's BOD. Don't forget - building a mining operation is expensive and management can find itself squeezed finanically and in need of a buyer to prevent blowing out the share count or trying to find a lender to provide them with more debt financing (even at much higher interest rates).