I was being generous at A$50/oz CMM has 1.33mozs and is valued...

I was being generous at A$50/oz CMM has 1.33mozs and is valued at A$57m so this equates to A$43/oz. CMM is considerably more advanced than GWR so A$50/oz is VERY generous.
GWR has no JORC R&R worth speaking about so if and when they produce a JORC R&R of some significance then maybe GMR's tungsten project may have a value > A$10m. SEI has a Tungsten Project with a JORC R&R of 60360 tonnes WO3 and its MC = A$15m. So once again a A$10m value for GWR's tungsten project is VERY generous.
GWR's TGN shareholding is worth A$35m so it is what it is.
So conclusion is that GWR's MC looks overvalued