Ann: Bawdwin Drilling to Target New Copper Lode, page-9

I get a price/net asset value for MYL of about 0.025 (EV x % project ownership / NPV) for only ~25% of the known resource. As a comparison, ADT's p/nav is about 0.2. *lower the better

moz (Ag.eq) / EV of 13.6 for MYL vs 1.0 for ADT on % project ownership basis *higher the better

Not the best comparison because MYL has completed a PFS, but it gives some idea as an ASX-listed polymetallic developer.

So yes it feels like the market has left fundamentals behind here.