220m cash after Cloncurry deal30m cash from White Dam Gold JV...

220m cash after Cloncurry deal

30m cash from White Dam Gold JV

30m cash from Great Australia copper royalty entitlement

Assigning a conservative valuation of 30m for its 2400km2 of highly prospective exploration tenements and targets in the Cloncurry region as well as its proven management team.

Total: 220+30+30+30= 310m

Divide by 237.35m share on issue

A valuation of $1.30 per share

That's a 90% upside from current price of 0.685.

If the deal fails apart in the worst case, the share price might go back to 0.62. You will lose 10% of your bet in this worst case.

But I guess is that even if the deal fails apart, the price will stay high because people know how much the Cloncurry project is worth now.