It's hard to say based on just the info in the trading update. I have the independent report on the mining asset, but haven't read it completely. If you want a fair value, then you would have to read that report and make up your own mind. Also, I would then discount the fair value to compensate for some of the management incompetence (omo) but I would put fair value well above 30c even with bad management (probably closer to 80c, but with good management, could easily get to 120c, again, my opinion only)... which is why I own a few of these shares already. I think the only issue is how long it will take to realise fair value in the market price.