Ann: Results announcement conference call, page-4

Looks like someone needs to exit regardless of price. Margin call perhaps?

There are a few aspects of this which means NTA will fall less than the overall markets:
1. Falling $AU
2. Holding extra cash from recent capital raising
3. As prices fall, tax liability will reduce, so After tax NTA will move closer to Before Tax NTA.

I estimate Before Tax NTA to be around 1.46 so a fair margin of safety here.