Major re-rating of Merlin about to commence., page-24

You are completely missing the boat.

Have you looked at their 2017 Annual Report (Y/E 31 Dec 2017) ?
They made losses for the year ! EPS Negative 0.98 of a cent.
There seems to be some blue sky there BUT look at the bottom line.

If Merlin get production going & can show a net monthly cash flow of $3 million i.e. $36 mill per annum
What market capp would you put the stock at ? I think that $ 320 million would be a fair figure.
There you have it, not difficult at all to get to 10 cents.