HRR - Updated NPV calculation, page-56

If fully priced at the current PB then I would agree with you. If you use 'Discounted cash flow calculation' then this company is currently trading at the very least 11.64% below its current price of $0.645 as off yesterday 17/04/2018.

I agree, there are future factors here that are currently not taken into account in the current SP. That's why I look at the risks using the numbers; helps me quantify them. Arbitrary comments above doesnt really help us one bit as investors as it plays into peoples emotions.

At the moment my calcs say that this company has at least 83.9% expected annual growth in earnings - @Matt you are looking at 2018@$52.1 mil, 2019@$103.4 mil revenue at the minimum (i.e. if things go south in first year production numbers due to being a "challenging project" in Mossbergs terms). 2019 the EPS of this company would translate to at least another $0.08, 2020 of at least another $0.20. These are the conservative numbers per my calcs last December ... We will need to see what the numbers are in next weeks quarterly report due 29/04/2018 (if provided) so that I can update.