Damo - it's interesting to note the cash backing at last half...

Damo - it's interesting to note the cash backing at last half year is as mentioned already, worth about 1.9c based off the 600m shares on equity issued. Have to assume this burns down somewhat, perhaps to circa 10m but that gives 1.6c a share cash backing anyhow. Assuming cash burn halts it's at cash backing now of 1.9c.

PPE less the total of liabilities per half year leaves 5 mill, not including receivables, which is another good half a cent. $4,984,206 to be exact divided by the 631,404,067 shares: 0.0079. Or 0.8c for simplicity.

The work in progress has increased to 300k, i assume this is due to housing work being kept as WIP versus prior mining services which didn't show up on the balance sheet. Not sure what recurring service revenue they have but it may mean a much less than $7m revenue figure for the year ahead.. maybe. So I guess once you add in depreciation on the PPE, cash burn from lack of revenue etc, it does eliminate abit of the 1.9c + 0.8c computed above.

STill at 1.9c it is one of those stocks where you're close to paying what it's worth on the financials, let alone a multiple for future growth. As mentioned - one or two tenders and a return to revenue could mean another 1-2c easily justifiable. I don't think anyone will rush to buy just yet, as they haven't bolted this down, but if we get closer to 1.5c it will be interesting.