Ann: Investor Webinar Presentation, page-49

On a valuation basis I do not believe Waylering will be fully factored in.

We are expecting roughly $30 mil profit from Waylering, but this does not represent free cash. The majority of it will be reinvested into exploration and development. I am not saying this is a bad thing, but will be reinvested into risk which may or may not pay off. Therefore what Waylering normally would be worth while in the hands of TPD should be discounted. If sold it maybe worth full value (more).

So my view expect a discount on 23c. Likely our full value at the moment is 18c to 20c with Waylering in production. Until something else turns up.

Just my thoughts