FAR Limited (FAR.AX), mcap=A$76m, price A$0.77 vs A$0.84

Potential liquidation: busted oil exploration junior now in quasi-runoff mode, offering at least a ~35% gross return and potentially a ~69% IRR over a likely 12-month period. The wind-up has not been formally announced, but all signs are there. Cash covers 58% of the market cap and the remaining upside/value comes from earnout on the previous asset sale. The earnout is very likely to pay out fully by mid-2025 or management will find a way to monetize it earlier.