This MST report I read as similar to the Blue Gem Research valuation of about AUD$4.20 per share based predominantly on current proven reserves only.
https://www.renergen.co.za/mst-virginia-gas-project-drilling-promising-phase-1-on-the-way-big-plans-for-phase-2/
As MST notes next steps when the report was done were drilling and a reserves update. Very keen to see an updated MST report once we have the reserves update in a few weeks where the max potential per the graph is 371bcf of helium and conservatively maybe 50bcf - 100bcf of helium will soon be proven as reserves.
Appears the current AUD$3.83 valuation only considers 1bcf - 6.86bcf in terms of the helium reserves
RENERGEN RALLY TO PFS, page-421
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