Whats NML's Vic Gold properties worth?

Have been reading CYL's latest deal to sell 50% of Drummartin property to SBM for $3.5m plus $150k backcosts.

Am struck (once again) by the disparity between NML assets and MC.

My take on property valuations is;

1. $10m cash = $10m cash.

2. 49% Tandarra. Based on CYL MC and allowing 90% of their value for 50% of 4 Eagles and 51% of Tandarra = $50M

3. 100% St Arnaud Using Drummartin as a benchmark; $7m

4. 100% Stawell Project Tough to value, some existing gold resources (undefined atm), high prospectivity but unproven trend for the Sth of Stawell. Best guess $40m for 100%

5. 100% Eclipse. Sleeper asset woken up by SVY copper discovery. $5m.

6. 100% Glenlyle Emerging base metals project, highly prospective, some mineral endowment already apparent. $10.0m

7. 20% EL 4725 in JV with SVY. Another very hard to value property but best guess is our 20% (after earn in by SVY) $10.0M


Total; $132.00m ?????? Doesn't seem right does it but am happy to hear other thoughts.

Bear in mind, follow up drilling underway at several properties, any success would throw above figures out the window (and misses will subtract value).

In a meeting yesterday, someone was explaining to me that Vic private gold property vendors want multiples of sensible value to back properties into a listed shell. I don't doubt thats true but it makes the disparity in the above figures even harder to explain.