Is this the ASX's cheapest gold developer?, page-159

You're correct, but there is no margin of safety for retail investors to look at replacement value. EAR is burning $6.17M per half-year and has only $5.7M of cash left. What happens if they liquidate? Who's actually going to pay them for these assets at replacement value?

Not trying to be difficult, just trying to understand how much of a safety margin there is here - I'm tempted to buy a small opening position.