Not sure why everyone is so convinced by this "valuation".
The market currently values TNG at 9.9c. Nothing less, nothing more.
Future value is clearly not the same as present value. All this talk about future value being de-risked clearly isn't taking into account intangible risk and people's inherent doubt. Future possible values aside, with current doubt, the market values TNG at exact 9.9c.
And I am not sure why everyone is so giddy about Ti prices going up and complaining that TNG is undervalued. If Ti prices have managed to shoot up in all this time TNG hasn't managed to produce anything, then Ti prices can just as quickly drop in the near future before TNG can produce anything.
Let the optimism die down. Let the SP drift to 5c. True believers can buy in cheap at that point.