GRR is free at this price, page-19

The combination of cash on hand, mine life and product quality make buying GRR at current share prices good long term value.

The issues which are holding the share price back are (IMHO):

1. management does a poor job in communicating with the company's shareholders. We have to dig hard and deep to find facts which should be more readily available*. As an example, the last presentation showing on GRR's website is from 2014 !!! As much as I applaud management who cut costs, seemingly doing away with investor relations is doing shareholders a disservice.

2. GRR's earnings have been highly erratic. While this is the norm for companies in the resources sector (commodity price + FX fluctuations + mine maintenance), GRR's fluctuations have been compounded by some wild swings in costs and a seemingly variable policy on inventory build up and disposal. Investors tend to dislike uncertainty and management is doing a poor job of both managing and communicating those uncertainties to the market;

3. the above (combined with the low trading volumes) make it difficult to expect brokers to cover the company. There are currently no broker forecasts showing on FNArena and the last report listed on GRR's website is from Macquarie in March 2016.

These are longstanding issues and I have little confidence in management's willingness to address them. Quite frankly, a privatisation offer at around 20 cents would be fine by me.

* And thank you to the Hotcopper posters for their willingness to share their analysis and research.