Ann: New High-Grade Mineralisation Discovered, page-18

Load, you need to add the Canadian shares on issue plus the Australian CDIs on issue together. The CDI's convert to shares at a 1:1 ratio so the correct calculaiton is:

138M shares on issue x A$0.10/sh = A$13.8M MC. Back out the cash of ~A$4M and you get an EV of A$10M (or US$6.5M).

Either way, for what this stock has going for it, it is dirt cheap. There is no buying in the market so it is drifting off and yet again, illustrates that the 'market' isn't 'efficient', but rather artificial. I'll be scooping up more of this as the sellers continue to gift it away.