Ann: Jeffreys Find Stage One Production Exceeds 9,400 Ounces, page-6

You have just said what I have - undervalued
x 10 is PRO-RATA.-----Scaled/Comparative valuation if you like.
How you compare a smaller operation with one 10 x larger for comparison of value.
A what if of scale comparison?
Find a comparable miner x 10 value or production or returns for valuation comparison.
Is the above scaled scenario you take issue with worth $81m or $250m in your mind,or more.
I would value AWJ currently at half what your mate would nearer $20-$25m due to future prospects/risks
3 x current market cap as

1/ MUNDA is NOT technically confirmed all go YET 7-8/10
2/ Jeffries Find is yet to restart mining 9/10
3/ Future Gold price same $3k or rising when mining occurs. 10/10
4/ Is the mill available/ pre-booked for the ore to come. ?/10

DYOR + DYODD Risks in everything-firming of any of the variables alters that and values.