Ann: Atlas Half Yearly Report and Accounts , page-22

You make a good point Alex999. The market is focussed on cash flow and profit and seems to be ignoring the value of the asset being built by AGO. They seem to be being punished by the market in taking a no debt approach to building the company.
It will stand them in good stead if the IO price weakens, although the market will likely treat them the same as everyone else - very frustrating.
If they make good profits over the next few months maybe they should start buying back some of their shares. If NAB is $1.73 as you say, then paying $1.40 for it makes sense to me.