Updated Argonaut Note, page-9

I believe it does quote the NPV on a 100% basis at a little under one billion. 

John Lamb mentioned that Bawdwin thus far was worth one billion in an interview. In the January Investor Presentation (page 20), Myanmar Metal's 51% ownership is shown as worth approximately $450m USD. At current exchange rates, this means that the project NPV currently stands at $633m AUD. As John Lamb mentioned in the recent Boardroom Media update, the PFS in early April will show substantially improved project economics but will not include results announced more recently after the December cut off date which themselves will positively impact the mine's financials. 

There is a substantial difference between the present market capitalisation of approximately $100m AUD and the NPV of $633m AUD. This is likely to increase anyway with the release of the PFS in April and BFS due later in the year when everything is collated together to give a definitive value of the province. There is also a certain amount of "X Factor" with the Bawdwin province considering its proximity to infrastructure, motivated partners in the Joint Venture, institutions on the register, exploration targets in the vicinity and the prospect of it turning into a low cost, high margin mining province with decades of work ahead of it.