Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-656

Which is why they will say nothing.

BTW: 2 cents is a market cap of about A$67.4 million. Melbana is burning through $3.353 million per quarter on opex (post JV contribution), and NTA at 31-March-2024 was $47.432 million. So at 30-June-2024 the NTA will be "about" $44 million (let's round that down to $42 million, as there appears to be additional opex in Q2, evidenced by some happy snaps that the company recently posted). So, roughly, 2 cents equates to an extrinsic value (market cap less NTA) of around $25 million. Put another way, the PV of future project cashflows (de-risked) is only $25 million.

So at 2 cents, Mr Market is telling us that Unit 1B has a PVA of only $25 million. Given the recent comments from McDaniels, that is quite bizarre (for context also refer to the numbers published by EvoCap on 6th June 2023, and exclude Marti and Alameda).

Regards
Kit