Updated Argonaut Note, page-8

Your calculations are way off and you're significantly undervaluing the project. First, the NPV in the report is on 100% basis, so you'd need to first multiply by 51% to convert to something that could be converted into a SP valuation. Second, I haven't seen brokers value on NPV/SOI, they usually use PE ratio. Third, you haven't assumed any dilution. PE10 without dilution gets you to about 47c.

But it's much simpler than that, look at the '5' in Perilya's 19.5% shareholding - are you saying that looks anything like the first digit in the NPV value?

 @Leeuwin1 please clarify this for city1866