As per the disclosure to my above post I am a long-term holder...

As per the disclosure to my above post I am a long-term holder of NST. I saw great potential to NST from yesterday's ann re the Pegasus upgrade and forecast mining volume of 100,000 ozpa for the entire JV at a potential AISC of circa $700/oz.

That led me to wonder whether TBR and/or RND may be worth buying into. The figures look pretty compelling based only on the EKJV forecasts quoted by NST of 250Koz p.a. at presumably circa $700/oz AISC.

As pointed out by some, the market caps of TBR and RND do not reflect this value. I would appreciate any comments/opinions from others to the following:

1. Which is the better buy at their current price: TBR or RND. And why?

2. Estimated current bullion and cash holdings of TBR and RND? (I did glance at the March qtrly for TBR but couldn't see a reference to bullion on hand.)

3. Any theories as to why the TBR and RND share prices seem much lower than the forecast earnings for EKJV would warrant?

Thanks in anticipation ...

Kookaburra