Sweetmate, I use the exchange rate the other way round A$1 buys...

Sweetmate,

I use the exchange rate the other way round A$1 buys £0.457 the overall figures are the same

	Column 1	Column 2	Column 3	Column 4	Column 5
1	PANR​	Share​	Market​	Undiluted​	Fully Diluted​
2	Price £[/FONT][/COLOR][/CENTER]	Price $​	Cap $​	NAV​	NAV​
3	0.017​	1,230,740	1,705,860	2,099,520
4	£​	A$​	A$​	A$​	A$​
5	0.250​	0.546​	3,820,961	0.029119​	0.025918​
6	0.280[/FONT][/COLOR][/RIGHT]	0.611​	4,279,476	0.032613​	0.029412​
7	0.300[/FONT][/COLOR][/RIGHT]	0.655​	4,585,153	0.034942​	0.031742​
8	0.400[/FONT][/COLOR][/RIGHT]	0.873​	6,113,537	0.046590​	0.043389​
9	0.470[/FONT][/COLOR][/RIGHT]	1.026​	7,183,406	0.054743​	0.051542​
10	0.500[/FONT][/COLOR][/RIGHT]	1.092​	7,641,921	0.054812​	0.051800​
11	0.510[/FONT][/COLOR][/RIGHT]	1.114​	7,794,760	0.055908​	0.052896​
12	0.600[/FONT][/COLOR][/RIGHT]	1.310​	9,170,306	0.065775​	0.062762​
13	0.750[/FONT][/COLOR][/RIGHT]	1.638​	11,462,882	0.082218​	0.079206​

An updated table, the undiluted NAV column ignores the A$420,000 of debts AXT, the diluted column takes this into account. I might have to extent the table a bit further if the Tyler well reaches the testing stage as well.

LOTM