I like VonRico's approach to analysis on the value of the assets.
Ironbark - 100,000oz @ A$2,000 clear per ounce = A$200million
At a 0.70 exchange rate US$3,000 gold is well over A$4,000 an ounce. Von Rico's analysis has the costs per ounce all inclusive at not more than A$1,500-$2,000. That gives us over A$2,000 clear per ounce.
That A$200million at a discount rate of 10%pa over ten years, from my dodgy calculations, gives a present value of around A$70+ million.
On that basis, which is making some fairly conservative assumptions, AP is correct.
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