It doesn't make sense to me why a broker would make a valuation...

It doesn't make sense to me why a broker would make a valuation and say "this does not include exploration upside".

That means that a newly listed company with prospective tenements would be valued at zero.

Pointless exercise.

They should value the tenements. As MA said himself, imagine what an IPO of our existing tenements would receive.

70c is virtually our existing cash and guaranteed cash flows over the next 12 months.