why was it sold ?, page-24

I am cool with mbeard not being a holder and commenting. It is worth throwing out different views. Personally speaking, that's why I come to forums.

I have yet to see most (if any) mining company valued on its in-ground value of measured/inferred/indicated otherwise BHP would be valued at $12 gazillion based on OD alone with its >80 life. Transactions are always going to go through for a substantial discount to in-ground value.

The numbers you have posted should be applied to every company on the market and if so I expect that the XAO would be 30,000pts or so if it worked that way in the real world.

Being a practical person this is how I might value EXS (to me) having bought them on the basis that they are an explorer (not a miner). I was hoping within 12-24mths to get a result whereby EXS was able to handball CCP to Xstrata or IVA or was taken over.

About 12mths ago I was paying 25c or thereabouts. If a 28c ff dividend is paid I have >100% cash return on my investment (net of tax) and should still be the owner of a stock worth >50c (200% on equity) bringing up a not disappointing 300% total for the year. The company will be in a strong position to continue its exploring perhaps able to take the next one a little further but also allowing me to go out and seek other opportunities.

Is it too cheap? If it is too cheap IVA will move on them.

I stress again that I bought them in the expectation that they are an explorer not a miner and my expectations might be different from others here.

ps. I would rather not have the WM playbook used anywhere near my investments.