Ann: Half Year Accounts, page-13

I calculated the average price they received for the gold over the half($1,529). I then assumed all the gold sent to the mint(46,864ozs) was sold at this average price received. The actual tax rate for TBR is slightly under the corporate 30% rate, but for simplicity I just used the 30% corporate rate on the adjusted profit. So the real after tax profit for the company if all the gold that was mined was sold would be $16.4M after adjusting for non-controlling interests(Rand's 56% not held by TBR).

So in short I did account for the tax on the gold sold.

This is completely unrelated to the 160,306ozs mined prior to the half year that remains in stock. This is held in stock at cost and has no tax applied. At the current gold rate of $1,638 this would be worth $262.6M. The cost/value of this gold in the accounts would be $112M. Therefore tax at 30% will be payable on the difference (262.6-112=130.6) when it is sold. A portion of this obviously belongs to Rand and would have to be adjusted for.

So whilst 33c per share is brilliant, when you try and determine a return on EV the answer is non-sense because the EV is negative.

That is, the gold owned by TBR is worth more than the market cap of $214.5M!