EAR is now 15.5c?, page-11

And why not?

200,000 ounces of gold (reserves) (to be proved up by the end of the current exploration period) x a cash margin around A$500/oz = $100m in FCF.

$100m FCF @ 5 x cash flow = $500m MC.
$100m FCF @ 2.5 x cash flow = $250m MC.
NST’s MC currently 22 x cash flow.
Our current MC = $42.6m.

If one were prepared to buy now and hold for 2-3 years, it would be reasonable to expect 6 bags from here @ 2.5 x cash flow.