Thanks for the responses everyone, I appreciate it. The investor...

Thanks for the responses everyone, I appreciate it.

The investor presentation from last year gave these asset valuations:

• Morning Star Mine Shaft refurbished to 300m, accessible to 9 level: ~A$2.0M
• 80 KTPA Processing Plant (Expandable): ~ A$5.6M
• Paste Fill Plant: ~ A$2.1M
• Administration Office and 9 person Accommodation Facility, Buildings and Fitout: ~ A$1.9M

That comes to $11.6m and adding ROD comes to a total of $13.5m - already $400,000 higher than the current market cap.

So refurbishing 10 level at Morning Star is worth nothing? Operations commencing at the processing plant is worth nothing? Future cash flow is worth nothing? 5 promising targets are worth nothing? 667 km² of highly prospective land in a major gold region is worth nothing?

I appreciate that a CR is likely unless operations can ramp up quickly, but based on the assets the current valuation is still absurd. Maybe someone can shed some light on a major consideration I've missed, because I can't work it out. There are exploration companies in my portfolio with no cash flow, no processing plant, no infrastructure, no JORC resource and smaller tenements / lower resource estimates which are still two or three times the value of AUL (and not overvalued, in my opinion).

Maybe the new financial year will bring some announcements, volume and movement, but regardless I consider this one of the best buys I've ever made. At the current valuation I'll keep accumulating as much as I can, so I won't complain if Mr Market stays asleep at the wheel a while longer.