How Cheap is QBL ?, page-37

You've been a bit biased in your approach there I think.

QBL you've used an enterprise value and included intangibles for the bauxite project, yet for all the others you've used fully diluted market caps?

Not to mention you've also under-valued QBL because they have 1464 million shares + 'in the money' options on issue, and another 70million or so 'out of money' options.

While MXC you've valued including ordinary shares, out of money options and performance shares, while taking no value into consideration for what the performance shares must achieve or their current intangibles.

I based mine on Australian MM and all on market cap while factoring in the % owned.