fox davies, page-14

Well put asterisk, exactly what I was going to say.

As we prove up our resources over time, the implied value of the Company will rise with our exploration success.

Fox Davies obviously aren't the sort of company that produces valuations based on what might happen as far as exploration success goes, which is a reasonable, conservative position to take.

The don't provide company valuations based on guessing a potential JORC resource size based on the results obtained from one hole.

Also, there's nothing in the share price for any Togo speculation, which again is reasonable.

As asterisk said;

"They have based the SP based on facts alone. Not speculation."