If using an asset valuation as a basis for market cap , maybe...

If using an asset valuation as a basis for market cap , maybe need to add some value for management and or the board for any one becoming a new major shareholder .
In previous incarcerations of Dalgaranga post 2000 ,the board and management probably was a liability , guessing around a $200M liability given the resource grade got down graded , ok probably only one or two geos did the MRE but it was the board then that did not check out its validity and built a mill that was destined to be a failed asset initially based on ore under call.
Conversely I begrudgingly suspect the board now could be valued around $ 100M as a non tangible asset in getting us where we are , even if the royalty issue still narles me the use of a conservative top cut exemplifies this .

As an analogue was the board of NST of no intangible value when the company had a cap of $30M and started getting runs on the board at Paulsens from a mine that the esteemed Intrepid geos considered non core and then ?
The subsequent journey of Intrepid (and previous Paulsen's owner St Barbara ) shows the effect of inadequate cranial intellectual property on a company's forward capitalised value .