Ann: Scoping Study - Kharmagtai Copper-Gold Project, page-4

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    Current EV of Xanadu is $A45m.

    NPV of Karmagtai is US630m (assuming it gets funding to develop).
    76.5% of Karmagtai has NPV $US482m, or $A636m.
    So there you have it XAM is about 14 times undervalued (at 0.037) compared to the Scoping study.
    Need to discount a bit for Mongolia risk and no partner yet for development.
 
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