The file I provided contains both Pavel's back of the envelope calculation and my NPV calcultor for Thacker Pass. There is not enough information to establish how NPV relates to share price. We don't know how financing of TP will affect the discount rate, share dilution, or ownership. There is also a discount for development risk, etc. Pavel's back of the envelope calculation combining NPV for C-O and TP allows one to input their own weighting for how NPV affects share price. I designed the calculator to get a sense of how changes to the model variables affects NPV. It is better to think of this as a tool than a method to find a definitive value for the share price today.

AXP