Ann: Quarterly Activities Report, page-49

VGP contains Nyakafuru which RSG paid $8M for 34% in 2008.

RSG then also invested >$10M in drilling and development (see below copy from 2016 RSG financial statement - http://www.asx.com.au/asxpdf/20160831/pdf/439ssxr8d57qr0.pdf). This would place a rough (conservative) valuation of Nyakafuru at minimum $33m.  Note the 2008 average gold price $870/ounce).

In a recent 2016 Financial Report from RSG they value themselves unmined resources (including Nyakafuru) at between $68-83 USD/ounce in ground value (Table B.3). Let us assume conservative low end for Nyakafuru.

From the RSG resources update for Nyakafuru:
Reserves are 388,000 ounces at 1.6 g/t
Resources are 899,000 ounces at 1.1 g/t
So Total reserve and resource ounces would be 1,287 ounces.

So RSG value Nyakafuru themselves at USD 81 million.
At exchange rate of 75c gives a valuation of AUD 108 million.

MSR valuation
After VPG acquisition and Chinese settlement - AUD 11 million cash
VPG as is AUD 108 million
Total valuation 119 million
Shares on offer 2.6 Billion
EV 4.1c per share

It is believed there may be further upside to explore/drill the resource and focus on the higher grade veins over a bulk tonnage project.