Euroz Speaks Volumes, page-36

Funnily enough, if you take the $48m away that would still leave a figure that most here would be very happy with, were it reflected in the sp right now. You can value the yet-to-be-discovered kimberlite at zero, in your head, if you like, it won't make any difference to the final outcome, meanwhile, LOM has an active kimberlite exploration programme on foot and I'm sure it expects that its search will bear fruit, eventually. Given that to be the case, then attributing a carrying value to the project seems reasonable to me.
We're here for the bigger picture, diamond exploration is high risk, but high return when successful, niggles over this or that valuation are irrelevant, which is borne out by the wide variation in analysts' opinions - beauty lies in the eyes of the beholder.
B22.