HRZ General Discussion, page-199

The Value is solid here…

1. current Market capital= $65mil
2. Cash and listed investments = +$12mil
3. If you were to monetise Nimbus (quick fire sale)= $15-20mil
4. Shareholders will be handsomely rewarded when Richmond Vanadium is spun out in the next few months… I believe it will add +$20mil to SH value.
5. + 1.1mil ounces of gold (70% indicated) with the capacity to toll mill, that should be worth a minimum of $100 per ounce and probably a lot more at the current gold price.
6. If you consider the value above = it leaves us with an enterprise value of about…… I will let you fill in the blank.


In summary: the asset list above is destined to go up in value as each has its own leverage towards commodities (nickel, gold, silver, zinc,Vanadium) and the listed investments are working hard to develop more value for their holders...

astonishingly all this is found in Kalgoorlie, where all the infrastructure is (plus toll treatment) plenty more exploration potential in elephant country, no debt, and now tested & feasible grades... what’s not to like?

All we need now is for our BODs to throw some announcements out around… The upcoming Vanadium spin out, our leverage towards silver, the exploration potential for more gold and commodities… now the time to get cracking!!!