EVN's new gold operations recently purchased from La Mancha...

EVN's new gold operations recently purchased from La Mancha include the Frogs Leg and White Foil mines. These are expected to produce 130-160koz per annum at a AISC 0f A$960-$1030.

White Foil is a low grade open pit producing about 40koz yr at 1.6g/t.
Frogs leg is an underground mine opened in 2008 producing approx 90kozpa at about 6.5g/t.

The EKJV is right next door to these mines producing 200+koz per year at an AISC around A$750poz with grades that are above 10g/t.

Reserves and reources are a little different, but Pegasus is brand new and the EKJV has better grades, higher production and a lower AISC. The $420M paid by EVN for their assets would appear to be a reasonable base line for valuation purposes.

Therefore I think it would be very reasonable to apply a $200M valuation to the 49% interest belonging to TBR and RND. Add to this the 150kozs the two companies possess valued at $230M, the total would come to $430M.

TBR owns 44% of RND and RND owns 26% of TBR. Removing this cross ownership provides a recalculated current market cap of just $200M.

$430M of value for just $200M.