Not exactly sure what the surprise is with my comments. $4-5M a year on admin with almost no exploration cost, not including management of subs and other debt deals. Then the continual backing of some subs that don't really work and would not be well supported by the market compared to what DGR forks out.
Will deliver gains off back of better subs but this is really a management vehicle more than a value creater for ordinary shareholders.
Probably over valued if it trades at more than 50% NPV imo.
Buyers lining up, page-15
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