best value fundamentaly in Pilgangoora, page-23

All things considered. TAW project value at $300m, AJM around $500m and PLS at $1.25bn.

I think TAW should trade at least at 75% of AJM as they have 75% of the production, worse opex but no debt. I am not unhappy with the AJM/PLS ratio at the moment. It could swing either way depending on future news flow.

The important thing is I think all 3 are undervalued. People will take different approaches in whether they like concentrated holdings or a diversified approach. Personally if you see similar upside in 2 or 3 stocks I would rather hold all of them than 1 of them as it mitigates downside risk to a degree. Others prefer the leverage of a concentrated holding in a single company. Personal preference and risk strategies will determine the approach. Doesn't make any of them right or wrong.