Why? wtf happened, page-37

I'm reviewing my capital allocation across my portfolio this weekend.

I look at Beacon:

MC: $97.7M
Cash at bank: $15M (assumed)
Enterprise value: $82M (roughly)
Au price: $3,600 AUD

Other:
Cu price at ALTH, Beacon with prospective copper tenaments.
Lady Ida is high grade material to leverage a low tonnes mill.
Numerous investments in other businesses around Kalgoorlie
Initial capex in pre-stripping at macphersons now complete.

What am I missing? This could be easily a $200M business which is a 100% return. I will continue to hold.

Pretz