The gold value remains at an elevated $71M above the combined...

The gold value remains at an elevated $71M above the combined market cap of TBR and RND. That's 27% above the market values of the two companies before considering a value for the mine producing the gold.

Update: Gold at $1,605; TBR at $5.45; RND at $1.72.

The consolidated gold holdings would be about 205k ozs after adding gold accumulated since mid year. About $329M.

TBR mkt cap is $272.5M.
RND mkt cap is $103.5M
Total $376M.

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 $71.7M.
Total $117.4.

$376M less $117.4M equates to $258.6M

Therefore the combined external shareholders of the 2 companies own gold valued at $376M and the value of their shareholdings is worth $258.6.