From strictly an accounting point of view, GBM's undiluted equity is valued at $8.1m, value of its debt (convertible notes) is at $7.4m and current cash is at c.a $0.9m. If the share price went down to 1.0c, would it mean the company had more liabilities than assets, so it'd be technically bankrupt?
How on earth is it possible with a 1.84m oz proven resource on 1.3g/t headgrade with 3 large, bulk, open pit ready deposits located in Australia? Some of the GBM drill intercepts stretch for 150m continued mineralisation at 5g/t, which is a tier 1/2 hit.
I am scratching my head and trying to think of another ASX listed explorer that has more than 1m+ oz proven resource and valued less than $20m and honestly I can't think of any.
Ann: Quarterly Activities Report and Appendix 5B, page-29
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