If you read the report it does not mention a pre-feasibility...

If you read the report it does not mention a pre-feasibility study. It is a full feasibility study on which financing / partnering can be used for funding the project rather than diluting the shareholders. With such a small market cap it has to fly.
Look at this simple scenario-

Operating costs at $50/t and longer term sale price of say $130 giving an operating margin of $80/t. If they maintain 75% of the project that gives them $40M after tax profits. That means they'll be earning twice the current share price per annum. On a PE of 5 that's $200M. This calculation for only 1 Mtpa so you can work the multiples out from there.

It would be logical to assume that they will go for the high grade ore to start and pay off the plant quickly. They should be able to squeak over 1.5 Mtpa product out of the first few years. That's a lot of jink !