You don't need to know the real value of the unlisted stakes to...

You don't need to know the real value of the unlisted stakes to determine that 24c is a pipe dream.

At the end of January, CVE:HVT was trading at 14c. It's now 9.5c. That lops A$3.5m off end January NTA.

At the end of January, CVE:WMD was trading at 76c. It's now 60c. That lops A$1.2m off end January NTA.

Those movements alone put live NTA at 20.7c.

Throw in some dilution from selling shares at half claimed NTA and it will come down again.

Then throw in some realistic assessments of the unlisted stuff, and...well, I don't think we'd be far off the sp. The biggest unlisted chunk is in "Embark Health". Well MMJ put C$3.6m into Embark Health last year...cornerstoning a round which enabled it to triple the book value of its then $3.3m stake. Very, uh, symbiotic. And I haven't even mentioned the fact that MMJ's "asset manager" is, whoa, this is a shock - the parent company of Embark Health!

Plus there's various other governance concerns, some of which I've already flagged.