the multiplyer effect, page-30

That's why we should be valued much more closer to the asset backing.

I just skimmed through TAS to see if there is a reason as to why there is so much discount to the asset backing and I can't find one. Probably a wiser move by management at the moment to shelf all exploration activities to minimise expenses and therefore dilution to the registry as the value of EDE picks up. Without exploration activities it looks like they are burning only around $250k per quarter as per last quarterly (exc expenses relating to EDE). That's peanuts compared to the value of EDE holdings. If they splash millions on exploration that doesn't really add value then I'd be more worried.

If EDE can sustain its value then I believe TAS's value will catch on eventually.