Mount Dudlin is only profitable in HC, in the real world...

Mount Dudlin is only profitable in HC, in the real world it's marginal at best. There is no way the revenue from that asset will cover capex and costs at the company level and that's why the market is discounting the cash because it knows it will just dwindle away unless things turn.

If we use A40 valuation of A$70m as a guide then my guess is that A$150-200m is about where GXY market cap is heading and that's how I'm getting $0.50 price target.