O.k so lets be somewhat more realistic and say AJQ, DHR, ANW,...

O.k so lets be somewhat more realistic and say AJQ, DHR, ANW, SOLG etc all 5 bag. And lets say as you have postulated that due to poor direction, structure, costs etc the discount to NTA remains at 50%

Well, in this scenario DGR 5 bags also right? We 5 bag and then a company worth 500mill in NTA is valued at 250 mill. Right?

Well first thing is that now you have 250 mill unaccounted for in NTA showing up in the share price as opposed to 50 mill as it currently stands. I think that 250 million will be harder for the mkt to ignore for a variety of reasons.
1. The projects will have more certianty of producing as they get bigger hence risk reduction.
2. Success breeds success, and investors love a winner- mkt will give more value to aspiring resouce plays entering the DGR stable.
3. DGR will start entering into say ASX 300 etc. More funds can enter.
4. DGR have a lot of projects and ground currently at their disposal, picked up at the bottom of the cycle and the ability to devolop these assets will go from strength to strength as the mkt cap increases. Funding etc.

If you think something could 5 or 10 bag then you should buy it imo.