So at current prices, First Tin's resource is worth US$12.6b, of which ANW will own minimum 22.6%.
Therefore ANW's share of First Tin's in ground resource is worth US$2.85b yet it's market cap is A$12.7m.
Management track record is indeed crap and I know all the resource won't be mined. There is also a lot of water to pass under the bridge before mining etc, but....
...surely that level of valuation differential is so large that it can't be ignored for much longer?
Ann: Letter to Shareholders re AGM, page-27
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