400,000 hectares of earth that has traditionally yielded gold...

400,000 hectares of earth that has traditionally yielded gold deposits always has "potential". When you search for it for 10 years and yield nothing more than a vastly fatter share registry - "potential" no longer cuts it in the market place. Eventually, people will want nothing less than a discovery of gold.
Potential being factored into a market cap, I believe, is in direct proportion to the number of chances you've had to realise it.
You might argue that it's "different" potential now because we're in the battery space, which we weren't five years ago. Nope, people were spruiking disrupting multi-billion dollar industries then too.
It may still come - but don't expect the share price to do a bloody thing until it does.