Ann: Initial High-Grade, Independent Resource Over 3kms at Yin, page-93

Hi all,

Long time lurker, first time poster, I've been holding for a while now, average buy price about 4c.
I'm a little confused around the end of day market cap of DRE and I'd be interested in peoples thoughts.
I've tried valuing it based on HAS (appreciate that HAS is at a later stage than DRE and their resource is better than inferred).
So based on the HAS stated long term NDPR sale price (112USD) and resource of 29.93mT @ 0.93% TREO & 0.32% NDPR Oxide, I get an in ground value of AUD $17.6B, therefore HAS market cap ($450AUD) is ~ 2.55% of it's resource value.
The same calcs for DRE give an in ground value of AUD $8.04B and based on above HAS calcs, would give a resource value of $205M, (DRE current market cap currently ~$295M).
Do you guys believe the current Market cap is fair value given everything else of potential that DRE owns? Would you say DRE is under valued? Based on above do we think $95M for every other asset DRE owns is fair value?
Or are my calcs just way off? haha
Appreciate people's thoughts on this.