Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-20

The market is forward looking, have a look at CXO I'd say it's actually overvalued right now. As things progress it will continue to be valued further ahead of the current stage it's at or at least that's how I've seen it in the past. Just need to keep ticking boxes and progressing, nothing crazy needs to happen from here which is why this is a very comfortable hold IMO.