VUL 4.34% $4.63 vulcan energy resources limited

I found Vul ''s book value per share June 2023 is $2.74.and vul...

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    I found Vul ''s book value per share June 2023 is $2.74.
    and vul 's NTA (net tangible value from balance sheet at Dec 2022 from Commsec) is $2.52
    Does that mean in financial current SP is heavily undervalued?
    Does anyone with have financial/account background can explain these figures?
    https://hotcopper.com.au/data/attachments/5765/5765890-ffda931156e82e4abcbfc83201092292.jpg
 
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