Well, here's Edison's perception of valuation and I think it puts the current SP relative to NPV into perspective...
http://www.edisoninvestmentresearch.com/research/report/cradle-resources/full
Stock overhang, escrow release, taking profit or whatever other reason is out there .... why on earth would a holder be voluntarily selling now? Better still, based on the NPV, why would a holder be party to a takeover (or outright sale) for less than AUD$1.50 per share?
Stock price valuation, page-3
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