Personally, I can envisage MRQ going over 2c this week or next.
For me, a c. $40M AUD market cap is about right assuming c.16% P/NPV of forecasted PEA NPV of c. $250M AUD.
Yet, management has historically mentioned figures closer to a $400M AUD NPV (all hypotheticals at this stage until the numbers are actually out). That would potentially support a valuation of up to $80M AUD on a P/NPV ratio of 20% once the PEA is released.
Stellar volume today. Let's see how this plays out over the coming weeks.
Appears that a re-rate has started.