Ann: Quarterly Activities and Cashflow Report, page-25

As a corollary to the above, using the transform,SP of 0.5cents gives a market cap of $7M, that is the present positon. As the share price has fallen from 4.5c to 0.5c over the last year the company's market cap has fallen by $56M. Meaning that, it took an expense of $56M over the last year, to arrive at a position where the market says it is worth $7M. Something is out of kilter here, either the market is right and it is worth $7M or it is worth more than $7M. My position is that the management has followed a sensible program over the last year and has not committed any great blunders and any other company would have behaved in much the same way. So guessing that the company outlayed, say, $15M over the last year I would say that the company is undervalued to the tune of $56M minus $15M at least. So the shares are undervalued by $41M /$7M, say 6cents at least.