Ann: Wiluna Mineral Resources Upgraded, page-8

The reason for the low EV/reserve is because the company has had a long history of delivering below expectation and also a couple of capital raising bungles that left investors a very bitter taste in the mouth. You can have a lot beneath the ground but if it is a lot of work and expensive to extract it, as Wiluna Mines has shown in the time they started producing, then it is not worth a lot to an investor. They even changed the name of their company partly to try to put aside the past, but many investors have a better memory than that.