Rowscoe ,my analysis focused on Burkina Faso,I didn't place any value on their Australian leases rather just compared their position with the other juniors in Burkina Faso.On that basis alone I was struck my the obvious discrepancies in valuation.Many of the juniors in that location have no projects other then their operations in Burkina Faso and less cash but still have higher EV's than AQD
