Ann: 2024 AGM Presentation, page-57

Chingy
I agree many valuations are askew and the market perception of VAU is therefore askew as well.
My point when questioning Vault is to liquid with share volume.
If as you suggest we put forward the following share consolidation how would the market perceive it:
Share reduction:
VAU pull back the number of shares to 1 billion / divide current float by 6.8 and have a new spot valuation of
6.8 x $0.34 = $2.31 per share with a billion shares now available.
Share holders equity at $1.63 (6.8 x $0.24 as per financials)

GMD pull back the number of shares to 1 billion / divide current float by 1.13 and have a new valuation of
1.13 x $2.56 = $2.89 per share with a billion shares now available.
Share holders equity at $0.99 (1.13 x $0.88)

Now the initial perception and retail outlook changes:
VAU Trading at a Price Book Valuation of 1.42
GMD Trading at a Price Book Valuation of 2.92
GMD is presently trading at 100% (double) Vau Price to book value.
Now all things being equal including the floated number of shares / financials / growth etc:

The level playing field should read:
GMD Share price $2.89 / with 1 billion shares and P/B Value of 2.92
VAU Share price $4.75 / with 1 billion shares and P/B Value of 2.92
VAU even at present P/B Ratio of 1.42 = Spot price of $2.31 x 1.41 = $3.25

So no GMD does not carry a higher intrinsic value all things being equal.
GMD has sentiment and perception and that seems to be what counts at the moment:

This is my take on market perception and sentiment.