According to [the press release on TMC's website](https://investors.metals.co/news-releases/news-release-details/tmc-releases-two-economic-studies-combined-npv-236b-and-declares), NORI-D area is estimated "with a Net Present Value (NPV) of $5.5 billion". I personally have no idea what that means and assumed it means tmc's market cap should be 5.5 bil if all things go as planned at this moment. I may be wrong.
Any how, their document also tells they're not gonna operate this year. With alot of speculations and uncertainties, I see its market cap being less than 5.5 is understandable. But how undervalued should it be? I searched google and found no article about its correct valuation other than wishful thoughts.