Lost in fine print

Sometimes diamonds are hidden in plain sight

In AJQs last presentation NM made a stunning prediction of a MC of 2 Bill in 5 years. The new amortising notes will be repaid by AJQ by then helping DGRs coffers over the next 5 years.
Into my spread sheet I've put 24% of 2Bill and left my 1 pound takeover price of SOLG. Adding other assets I get to AUD1.48 assuming Tribeca convert their notes.
If we look at the below paragraph from the Hannam report produced last year we see a SOLG valuation range of 71 p to 245p. Putting 245p with NMs 500mill for AJQ into my spread sheet I get AUD 2.50 for the NTA of DGR before tax considerations.
This is a blue sky valuation but not a raging King Lear spruiking rant in a dark forest. This is a valuation based on a thorough and lengthly report from Hannams and NMs estimate of AJQs MC based on his excellent track record as a geologist and a man who has created multi billion dollar entities.
My valuation range for DGR in 5 years is AUD1.40- 2.50. I am going to calmly recapitulate the tenor of a number of my posts. - I have never held a NZ or AUS share which has been so irrationally valued for so long. I have never held a mining stock globally which has been discounted below NTA except briefly at the most paranoid period of the GFC. I have held around 100 mining stocks over twenty years that all included blue sky in their pricing. Many exceeded 20 times TRUE NTA not capitalized exploration expenses but cash and readily saleable listed shares. Please don't insult me by refuting that all of our current listed assets could not be sold in an orderly fashion over a year to achieve around AUD 0.30 at the moment.

HANNAM REPORT
2. An analysis of transaction values per contained resource tonnes for copper and gold industry M&A over the last five years. The average multiple paid by acquirers in the industry was US$413/t; applying this to SOLG would imply a valuation of 124p, a 259% premium to the current share price. [Or ~245p if SOLG’s CuEq Resource were to double]. A closer analysis of these historic transactions shows gold-focused target companies generally achieved a premium to copper focused; targets located in Latin America achieved a premium to those outside the region; and producing companies achieved a premium to pre-production companies. However, even restricting the universe of transactions to non-operating, copper-focused targets would still give a multiple of US$234/t, implying valuation of ~71p for SOLG.