Ann: Sale of Flemington and Nyngan Royalties for US$4.5m, page-11

The gold royalties are non existent until they are mined and sold..... 5 years down the line maybe and any good investor doubles there money every 5 years so to calculate the potential gold value into the current share price is wrong.... They have 0 value until they are mined. That leaves the battery project which only starts producing in 30 months time according to management.
The shares can only be valued at 508 million divided by $22 million less management fees paid for over the next 30 months... Which to me would be somewhere between 15 and 20 cents each.
I don't see how the shares can be undervalued at 40 cents.... Please explain.