Updated Valuation and SWOT - RSG, page-32

The reality with TBR and EVN is that EVN purchased 19.9% of TBR NOT just the EKJV. TBR currently holds over $105M in cash and Bullion and a 44% interest in a company that holds an additional 12.5% of the EKJV - and this company is currently valued on the market at over $108M.....The $41.3M EVN paid even went to the TBR subsidiary......TBR also spent $20M+ recently on a project in the Philippines.

So subtracting all of that out(41.3 less 21 cash less 12 for subsidiary etc) call it $10M for the 7.3% interest in the EKJV. This in turn values each reserve oz at $105 and therefore the 3.5Moz Syama reserve, as used in the example above, at $387M.......So perhaps not undervalued.

I have been invested in TBR for years and personally I don't think that TBR is a useful comparison in this instance because there are many other significant things going on in the background that have corrupted it's value..........But this does show that numbers can be used in a way to manage perceptions.......It remains my perception that the reality behind the numbers presented by RSG is not quite as strong it would appear.