Well, MN can answer for himself and his answer will be better than mine. If you look at the Dec 24 Ore resources/Mineral reserves statement, Cube consulting put Chatree at a NPV of between 200-600M US dollars. That was based on a POG of 1700 and POS 22 (both US dollars) for the ore resources (they used 1950/24 for mineral reserves). So if we use the median of 400M, we get 620M Australian. If we use current POG/POS we could probably conservatively increase that by 50% to 930 M AUS. Deduct 8% and you get about 850M AUS. They have 1M US debt per month to pay off for 3 years, but they probably have 80 M AUS in the bank by now. What is the value of NE? Maybe 50M AUS (they had an offer for 35M US at one point). So say they are worth 800-900 M AUS on paper. So I get around 3.50 per share minimum. Dividends and royalty reductions and extended mine life get in to 4.00 per share. Something like that?
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