net tangible asset backing

So my sums suggest that this stock has a market cap of around $14.3m (114.5m shares on issue, given the recent and ongoing share buy back, at 12.5c). It's assets are $10.5m in cash (after this latest investment in WME) + $10m in deferred sale proceeds from ATW re Gullewa ($1.5m of which is due at the end of July)+ $6m in WME shares (post notes conversion, at today's prices)= $26.5m. So, if my math is correct, based on net tangible assets and putting aside all tenement assets, this should be trading at 23c. Anyone have a view on this?