We updated our valuation for Walkabout, using a geared, after tax NPV10 technical valuation for Lindi risked at 67.5% for Ore Reserve confidence and project stage. This results in a Company technical valuation of A$238 million. Using a diluted share base of 371.4 million shares from our conceptual 70:30 debt:equity funding model results in a current base case value of $0.64/ share.

SelfWealth is undoubtedly a high risk, high return investment proposition. We believe the Company’s core IP provides a compelling and unique value proposition. We expect the solution and the ETF - an ETF powered by SMSFs for SMSFs - will resonate strongly with the target market. However, notwithstanding these positives, there is substantial uncertainty regarding the degree of commercial traction of both the ETF and the core model portfolio software solution.

We have updated our valuation for Telkwa, with the total risked company value increasing from A$125.2 million to A$207 million. This results in a risked, base case diluted per share valuation of A$0.396/share, up from A$0.326/share. However, given that our current valuation is financed and post tax, and also has Itochu as a JV partner, the previous and current valuations cannot be directly compared.

The company has the exclusive and irrevocable right and licence for use and development of the Acorns (rebranded “Raiz”) micro-investment platform in Australia, NZ and certain countries in South East Asia. The company is currently in the early stages of the growth phase and as such an investment in the company is considered at the higher end of the risk scale.

We have completed a sum of the parts NAV valuation for Melbana, with a risked value of A$113 million, or A$0.059/share as shown below. The per share valuations are based on the current share structure, with no allowance for any future capital raising.