Clearly, intrinsic value supports $22 plus. We all know that the deflated share price is a result of the "unconventional", botched EPA Watershed Assessment and the fear of a pre-emptive veto (illegal) before permit submission ... which would ultimately be overturned in Court. Nothing new.
The real question an investor should ask is whether our future political and economic outlook favors NAK development ... such as the election, rising unemployment, economic instability, Middle East turmoil, growing Chinese control over world resources, yada, yada, yada....). For me, I believe it does. Romney will be elected in Nov, US capital investment will finally take priority, and there will be a push to develop US natural resources to keep the Chinese in check, especially if "the Donald" gets selected as Secretary of Commerce. These drivers, combined with NAK having the law on their side, will pave the way for Pebble development.
At these share price levels, the investment potential outweighs the investment risk.
You may have forgotten, but there's unprecedented EPA scrutiny on Pebble right now, that's why the stock crashed after NAK's public relations statement in response to the assessment. Other reasons include unprecedented opposition from Alaska residents, native corporations, commercial fishing industry, environmental organizations, etc., many of which are well-funded to fight back with litigation.
Facts change, the share price reflects the new set of facts. The share price is always correct.