NPV is only a reference number. 

VD is 10 years away from production.  Nobody will pay 100% NPV for that today.

SC is the closest and with the carried-interest, this should be valued closer to NAV.

Capex has most likely increased since 2021.  I think SC (100%), would currently have a NPV (8%) around $2B US (maybe a little more) when factoring in the new metal metals, revised capex and improvements.

Still sticking with my $600M US price tag.

IMO.

MoneyK