Ann: Investor Presentation, page-110

If they have the plant running at full capacity (1050T/day) they should be accumulating rubies at around 300 carats per day (their yield to date has been around 0.3 carats to tonne). At US$650 a carat that is over A$250,000 of rubies per day!

What I want is a good explanation how a lease that is able to generate this sort of yield is worth under A$15 million. Even if you believe that MUS’s management is totally incompetent and is going to run out of money and fail in the near future, how is the lease alone not worth more than this? Does the market just think MUS is outright lying about finding rubies, their quality and the yields?