Tribune - great annual result (but still understated)

With earnings of 61 cents per share and a solid high-value resource, this stock remains undervalued. The declared after tax profit is considerably larger but for the TBR inventory being held on the books at cost of production - not sure if gold should be treated as widgets in a warehouse awaiting a possible buyer. Upside at Kundana is looking pretty good too with the proposed connecting drive now approved. This will lower exploration and development costs to unlock the full resource. The JV knows what it is doing to both exploit the resource and protect it against adverse events. Keep accumulating!