Gold on Hand Worth MORE than Mkt Cap!, page-40

Perhaps an easier way is to determine a gold value is for the combined companies.

The consolidated gold holdings would be about 203k ozs after adding gold accumulated since mid year. About $313M.

TBR mkt cap is $270M.
RND mkt cap is $103.8M
Total $373M.

To determine the value of shares held by external shareholders we need to eliminate the cross holdings. This should be done because ultimately everything owned by the 2 companies is owned by the external shareholders

The 44% TBR owns of RND is worth $45.7M.
The 26% RND owns of TBR is worth $70.2M.
Total $115.9.

$373M less $115.9M equates to $257.1M

Therefore the combined external shareholders of the 2 companies own gold valued at $313M and the value of their shareholdings is worth $257.1.

The gold is worth $56M more than the combined market cap.