massively undervalued, page-21

GWR has three assets:
1. Au Projects with JORC R&R = 240kozs
2. WO3 project with no JORC R&R
3. Investment in TGN = A$35m
GWR's current MC = A$81m so I am curious to know how GWR can be described as "massively undervalued" Simplistically its value is:
1. Au; 240kozs x A$50/ox = A$12m
2. WO3 project: Say A$10m (Will be higher once JORC R&R declared)
3. TGN : A$35m
4. Total = 12 + 10 + 35 = A$57m OR A$0.23
GWR's current SP = A$0.32 versus a simplistic value = A$0.23 so "massively undervalued" I think not.
Please DYOR