Eva Copper Project Feasibility Study, page-15

Its perfectly reasonable for the value to not be reflected, because its still a speculative project. If they can prove to institutional investors that there is reliable value, then the interest rate on financing can be dramatically reduced. There's an estimated 22% rate of return on the project. Some of that is going to go to investors/bankers. Until they secure financing, we won't know how much, and the stock price isn't going to reflect any of that potential 22% return.

I'm sure all of the talk about the expansion project in Canada is simply to prove there is more value to borrow against, for the Eva project. The Canadian expansion makes sense because there will already be a fleet of trucks and a mill, so they may as well wait until they run out of work, rather than buy more equipment.