Ann: Presentation - DFS Completed for Lance, page-64

Boss’ NPV is USD 309M (pre tax), at current ROE’s that’s A$448M. So current market cap is 1.9x of that. Looks overvalued to me, especially given it’s a short mine life and small resource, unless they can prove it up. I guess they’re earning a premium due to the closeness to production, they have about A$87M of U inventory, A$130M cash, and a whole lot of plant and machinery too. Hence it’s fairly inflated.