I was trying to make the point that the value of the PH property is not being reflected in the share price of NCU.
There can be many reason for the difference between the true FMV and the share price, and as you have noted debt/ cash availability is one of them.
However I was thinking back to a PHd thesis of the 1960's where a candidate was trying to develop a stock valuation model and even after taking all of the measurable #'s into consideration there was still a very large unknown which was referred to as EXPECTATION.
I think most would agree that the RISK/REWARD in the mining sector likely results in a much larger unknown EXPECTATION factor. However in the case of NCU I suspect we have a NEGATIVE expectation at work with the value of the property not being reflected in the current share price.
My comment is that if NCU were put up for sale that the price realized would be 3 to 5+ times higher than the current share trading price.
Fish while I think in the mining industry financial. Statements ( including notes)can assist -the fact is that given that financial statements are based on BOOK (sunk costs) as opposed to FMV means that one has to do a lot more than read the notes to the statements to understand the situation.
Thus my hope that PALA puts NCU up for sale!
Fish-please let me know if this note helps explain my thoughts.
tx
ROCK