Ann: Quarterly Activities Report - June Quarterly 2018, page-5

AIS started 2018 with $17.9 million in cash, this increased to $24.7 million in the March Qtr ($6.8 million increase)
The latest Quarterly report shows $29.8 million in cash an increase of $5.1million. Less the increase in working capital of $800,000. So basically we have a $4.5 million profit for the 3 months and $11.3 million over the past 6 months. This gives an annualized profit of approx $23 million, on a PE of x 10 giving a $230 million market cap. This gives a share price on the fully diluted issued capital (467 million shares) of 50 cents. No allowance is given for Torrens or other exploration targets.
Gives you an idea how undervalued AIS is.