the only valid point you make is being free carried on the sulphide project. In reality that wont be valued in for some time, and the other projects are zilch for now. HNF is listed in HK and meets western fund managers all the time, you cant get a closer comparison than two companies in a 50-50 JV.
I'm not having a go at CMR, fantastic buy a month ago. Just reckon the industry will remain well behind on valuing it for a couple years.
