And why not? 200,000 ounces of gold (reserves) (to be proved up...

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.