here's my take, page-7

Fact: CTO is capitalised by the market at $81 million.

Fact: CTO's JORC gold, 10 million ounces, of which nearly all is "inferred" is valued by the market at about $8 an ounce. Why is the market valuing CTO's gold at just a token, paltry $8 an ounce when gold is over AUD$1400 an ounce?

Fact: A medium term investment in CTO has been a disaster, unlike a medium term investment in physical gold or a medium term investment in our XGD Gold Index of gold shares.

Here is a chart comparing CTO's performance on the ASX against the XGD Gold Index.

CTO versus the XGD Gold Index - click here