Ann: Quarterly Activities and Cashflow Report-ATU.AX, page-2

“Based on the value of JOGMEC’s investment under the recently signed Panorama North Joint Exploration Agreement (discussed below), the implied current value of the three Panorama Projects combined is estimated at approximately A$50 Million.”

On that basis, Groundhog is effectively being valued at 100m (approx.). Twice the value JOGMEC have paid for their interest in Panorama.

Either JOGMEC have seriously overvalued Panorama… or the market has seriously undervalued Groundhog… But Atrum doesn’t add up trading around 75c...!