Ann: Half Year Accounts, page-10

Great job worzel1.

You're making it a lot clearer for everyone using the unsold gold to calculate the "true" after tax profit on an unconsolidated basis for TBR. Don't know what we would do without you. Important point that you make was that the Dec 2015HY was based on a received gold price of $1,529. TBR/RND do not hedge any production so next half in theory should be better. So full year "real" after tax profit should be better than 66cents per share.

Based on a starting share price of $3.77 and a growth rate of 17.55% (66cents per share after tax profit) the TBR share price should grow to $7.20 in 4 years time if no capital distributions are made and their costs and revenues stay approximately constant.

More or less what I calculated in a much rougher and readier calculation in June last year (I got $7.31 in 5years from June 2015).

http://hotcopper.com.au/threads/peg....2531229/page-6?post_id=15437118#.Vu-E_XlJntR

While all the time you have the luxury of having your shares ~100% backed by gold bullion in vault at the Perth airport.

Doesn't get much better or easier than this to make money IMO.

Eshmun