Ann: Quarterly Activities & Cashflow Report - June 2020, page-32

Unfortunately, the financiers, investment houses, fund managers etc appear to be negative towards TBR, even before the EKJV litigation, and without their encouragement the average mug does not participate.
At the end of the day, real value will come through but what valuation measure will apply? Not those that the market follows for other gold producers supported by the financiers, investment houses, fund managers etc but probably more typical financial measures such as NTA, PE, div. yield etc.
With a PE of 6.17 and a yield of 4.04%, TBR is certainly not considered a growth stock. With an EV to Resource of $35/oz at a gold price of A$2000, it is also valued as if it were a high risk early stage explorer. The EV to Reserves is better at $309/oz (again at POG=$2000) but that is more a consequence of the reserves being fairly low at this stage. The EV to Production of $891/oz puts it at the 3rd from bottom on my tracking spreadsheet, just in front of MML while RND has a negative EV but is in the AB stable as well.