Gold on Hand Worth MORE than Mkt Cap!, page-30

Douglas7,

The 190k is consolidated, belongs to TBR/RND. The ~150k is Tribune's share but then you have to account for the share cross-ownership. TBR owns 44.19% of Rand and Rand owns 26.32% of Tribune.

From page 8 of the annual report

"At 30 June 2016, Tribune Resources Ltd held 149,871.197 ounces of gold including 702.197 ounces which was the final transfer of gold for the June campaign and was transferred in July 2016. The consolidated entity held 190,766.725 ounces of gold including July transfers"

I'm no great accountant but to figure out TBR's true effective earnings you have to take TBR's consolidated net profit after tax, subtract Rand's net profit after tax from that then figure out the difference between the value of the net realisable value of their gold holdings between 2015 and 2016 (including an adjustment for tax as this profit has not been realised), then add that to the product you calculated above for the difference in their net after tax profits. Of course it's a futile exercise because next year the value of the gold holding could have changed so those unrealised earnings will carry no meaning. You've just got to go through the calculation again in 2017.

I've never concerned myself with doing all these sums as I know TBR are low cost miners with great mines. I'm just here to see where they are at in 5 years. Eshmun ​