tangible asset backing

they remain out of favour but EME keeps finding some buyers with decent vols and a little software trading (for a stock so strongly held by its large holders).

JRL as it stands looks like this.

EME 33,900,000 @ $1.20 = $40,680,000
EMEO 9,100,000 @ $1.10 = $10,010,000 (intrinsic value)
GTE 2,249,612 @ $0.051 = $114,730
AHR 1,200,000 @ $0.10 = $120,000
ALY 10,000,000 @ $0.125 = $1,250,000
Cash = $1,936,000

TOTAL = $54,110,730

total shares on issue 31,944,775

so we get $1.69/share in equity holdings/cash plus bow river, yilgangi and premium for control of EME? etc for nothing.

last trade 88c.

buying $1 for 50c with the board's stated intention of rationalising the ownership of EME by September.