Mkt Cap $180M Gold Held $290M Value

Eshnum & Sirdean

I started a new thread to answer your question as I think it needs to be highlighted apart from the qtly report.

The gold holdings are a little difficult to calculate due to the cross holdings between RND and TBR. Eshnum, my figures are similar to yours but I come up with 160kozs at the end of June. This is for the consolidated entity, however, so includes RND and TBR gold.

At the current market caps the two entities have a combined value of $264M. Removing the cross holdings this reduces the real market value of the two entities to $179.8M.

I estimate that the two companies have added about 14-16kozs in the last 7 months to gold held at the Perth Mint. So 175kozs at $1660 per oz equates to $290M.

So market cap doesn't come close to reflecting actual gold held.

This excludes entirely the value of the EKJV mine interest.

Have to be the most undervalued gold companies on the ASX on a real asset value basis.

Next qtr could also be an absolute ripper. Pegasus mining levels and recovered grade have just kicked up strongly.

@eshnum @sirdean