trading at 29c but valued at 50c?

Elkedra are going into production in the Dec quarter and will be producing 30,000 carats a year. Paterson broking have based a 52c valuation on the production (against 30c current price), and have said that they have not allowed for the 260sq km's of surrounding tenements that potentially hold similar grades.

They've got enough cash to get to production and will be internally funded. They already have the diamonds (they don't need to find them like CQT), and the valuation implies at least 70% upside.

Any ideas why they aren't running? I know they are thinly traded because so much is held by management, but surely they should be worth much more than they are because they will be profitable in the 4th quarter?