Current NTA, page-6

I couldn't agree more. The only thing I'd add is, aside from the progression or intangible value created in the project, and whether or not the holding is worth more or less than it was a year or so ago, is that SOLG is, by a function of the dilution, a larger entity.

In my view, DGR's stable of nanocaps (ANW, DHR types) can be ascribed a zero or possibly negative valuation tas they are illiquid, and may require further capital.

To an extent, I believe that's why DGR trade at such a hefty discount to NTA.

In my view, once are a significant holder in a ~ half a billion dollar company you are holding cash.

I'm quite interested to see how DGR will fund the latest raise into AJQ. Will they flip a few million SOLG? If so, great. The market only values the SOLG holding far below what DGR realise as cash from the sale and every dollar that is pumped into AJQ contributes to them becoming larger (currently ~$100m) and therefore IMO more likely to be valued as cash. (Even more so in AJQ's situation as they are actually producing).

As AJQ & IRR join SOLG as a 'real' companies, I will value them as cash. Caesius and co may not, and they may well be right either short term or longer term.