At current gold prices ($1670) I calculate, on a pre-tax basis,...

At current gold prices ($1670) I calculate, on a pre-tax basis, that TBR's current Mkt Cap is about $66M below gold value. This is based on estimated current gold holdings - ie. adding a further 5 months of gold accumulation since financial year end.

RND's is about $42M below gold value.

I estimate the gold price would have to drop to about $1,340 for the gold value to match TBR's current share price.

@Wack, TBR holds 149,871 ozs directly at EOY. They are also entitled to 44% of the gold held by RND, 42,896 ozs at year end. You also have to factor in that RND is entitled to 26% of the gold currently held by TBR.