Thanks for replying Mr Worzel, I always enjoy your analysis :)...

Thanks for replying Mr Worzel, I always enjoy your analysis

How do you figure that? I have the two companies' current market caps around ~A$100m more than the value of their gold on hand (at 30Jun16). If I add say 55k ounces between the two companies for July-December, and then sell 75% of that to cover expenses, I'm still short by about $87m or so?

That's what I was trying to do, but I can only go off what's in the balance sheet of the annual report. What makes you say they're consolidated figures? Are there other sources of information I can be using?

So where in the balance sheet do TBR account for their $44m stake in RND? And where does RND account for their $69m stake in TBR? Seems like a pretty glaring omission to me..!

I respectfully disagree. If Company A has $50m of cash and owns half of Company B, and Company B has $50m of cash and owns half of company A, what are the market values of each company? The answer is $100m each, which means the total market caps of A and B are $200m, even though only $100m of real assets exist in the real world. It's absurd, I know.

$320m of gold? Have you added ~55k ounces for the July-December period? If yes, remember TBR seem to sell about ~75% of incoming gold to cover expenses (I'm actually not 100% sure on this amount - do you have a figure for the gold sold vs. gold hoarded?).

Aside from the exact figures, I completely agree. They have a mountain of gold and excellent mine which together are worth more than half a billion, and an expectation of further income that means TBR should be over $10/share. Old mate Billis needs to do a roadshow or something and wake up the country's investors haha