You should use all current assets to find the overall liquidity of the company not just cash at hand.
Gold wating for settlement (14.4 million) and bullion at hand (1.93 million) need to be taken into account as well as other recivables. Gold is good as cash. You can sell it anytime at the market price.
The total debt is only 7.6 million.
The current ratio is 3 to 1 meaning the company has 3 times more current assets than current liabilities, which is very good I think.
Undervaluation, page-24
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