The impairment testing was done as at 31 December 2018. The...

The impairment testing was done as at 31 December 2018. The methodology and assumptions used by GRR were also set out in Note 28. They will have done the testing (to comply with accounting standards) because the stockmarket valued GRR at less than the value of its non-current assets, the key ones of which are mines and PPE (about $270m).

In theory GRR represents a real bargain as at 31 December: audited net assets are $477m ($205m of that is cash) - against a mkt cap of about $300m. There is a gap:- if you trust the audited accounts (in particular the balance sheet/financial position) you can only assume that Mr Market has got it wrong. My opinion only...