Baillieu Valuation of VEC, page-167

They aren't predicting it, they are saying thats one of the possible valuations if everything went amazingly well. They also have scenarios where the share price would be worth less than here, they are just pointing out potential variable valuations depending on outcomes of further drilling but mostly project capex/opex once at DFS stage. They have no buy/sell/hold recommendation and why would they on any spec stock.

RMP (never held) had a potential value 10+ bags above where it was last week depending on whether everything (drilling) went amazingly well too. The result didn't come in their favour. Thats the nature of the spec market, boom or bust. Anyone could collate an amazing bull case for just about any spec stock but 99% of them never achieve it.

Nothing wrong with taking a punt though... As long as most understand its exactly that, a punt. I just hate it when I see people piling money in they probably can't afford to lose based on the blindly bullish posts of others (see the graveyard over at AVZ etc).