Well the numbers are starting to look a bit silly based upon the...

Well the numbers are starting to look a bit silly based upon the following calculations.

Our Enterprise value is currently about $8mn at 9.2c after deducting cash and cash contractually due.

Our known in ground JORC compliant resource is 3mn ounces.

That is currently being valued at AU$2.53 per ounce in-situ which is of course US$1.65 per ounce.

A more common value for Au in-situ is in the US$20-50 range (and that is being super conservative).

Even at the bottom of that range at US$20 per ounce we still get a value of US$60mn (AU$92mn) for the 3mn ounces if it is all inferred, then add on the cash and we get around $122mn mkt cap.

Then add in no dilution going forward and exploration upside, there will be lots of drilling this year.

So the minimum fair value for BEZ right now, not taking into account any further developments and really just as it is at this moment is circa $122mn or around 29c.

However I bought into this for the upside, for an increase in the JORC I am very much of the opinion that this is like a mini Lihir Gold from 20 odd years ago. So the absolute minimum SP should be at least 29c with a premium added for future news.

I think Mr Market has got this one wrong this week.

EB