Ann: 31 December 2015 Quarterly Report, page-18

An article from a fee-based market letter in Germany:

Bulletin Resources Ltd .: Now it is boiling hot!
02/24/2016 | Hannes Huster
I have already repeatedly shown my internal calculation of the fair value of Bulletin Resources and its 20% stake at the Nicolson GoldMine. The fair value of the share of production is well above the current share price.
(ASX: PNR) Today the project operator was Pantoro of Hartley put on the list of recommendations. The analysts of the house downgrade "buy speculative" first with one and have a target price for the next 12 months by 0.17 AUD! The complete Research can be found here: PANTORO Research 02.23.2016.
The analysts rate the 80% share of Pantoro at the mine with a fair value of 113 million AUD:
According to this calculation, the high grade underground mine has a total value of 141.25 million AUD. The proportion of Bulletin RESOURCES is thus fairly valued at 28.25 million AUD.
Bulletin currently has approximately 175 million shares were outstanding. This is therefore a fair value gem. the standards of Hartley of 0.161 AUD per share Bulletin!
Conclusion:
The share of Pantoro moved to the research report significantly and was at 0.093 AUD from trading. The market value is therefore by today at 47.5 million AUD and Bulletin must therefore already at 0.068 AUD note. The other upside is to achieve the above fair values.
Apart from that bulletin still approximately 50% is traded under the actual value, it would be an economic madness when Pantoro the 20% share of Bulletin no purchases or the company accepts.
Hartley describes the Nicolson Gold Mine as one of the high-grade underground mines in Australia, the start type-safe, with a relatively short mine life of 4-5 years, but is expected to produce many more years.
Every year it costs Pantoro much money to give 20% of the gold to Bulletin and the lost profits pile up over the years continue to massively!

Bulletin will be scalding hot and hardly anyone knows the story as well as we. Pantoro must act purely economically, sooner rather than later!