Not how you would infer they would decrease their bid based on...

Not how you would infer they would decrease their bid based on that revised document.

Also not sure why anyone would care what "independent experts" value companies at. Do a search for Golden's history and you'll see they recently bought coal resources from BSL for US$66m. According to this article (https://www.businesstimes.com.sg/companies-markets/golden-energy-and-resources-to-acquire-south-sumatra-coal-concession-for-us656m) the independent "expert" had valued the resources at US$259m. Does that make any sense? There's countless examples of whether or not a supposedly independent valuer's evaluation has any merit.

Bottom line is that Golden have likely looked at the stock, seen it is trading at literally one of the lowest multiples globally across both the coal and mining sector, and have made an opportunistic bid looking to steal the company. Golden's own script is trading at 3x EV/Ebitda for a company that produces 20mtpa of extremely low quality thermal that trades at literally a 50% discount to spot Newcastle. 

SMR literally trades at multiples close to coal companies that have either major operational issues or large debt overhangs. SMR has neither. The company is debt free and is smashing it out of the park operationally. The company's valuation is just puzzling. In my opinion the market just hasn't fully factored in that our company has literally increased its production and earnings capacity by 60% YoY. 

Do your own research.