"We estimate a valuation of $1.25 per share based on an attributable value of the Garatau Project only to NKP of $527.8m and a nominal value of $105m for Tubatse, representing 20% of the value of Garatau."
They only factor 20% of Tubatse into that share price valuation of $1.25.
Fair value for Nkwe is still well above the current sp.
Newminer.