Ann: Successful A$30M Two Tranche Placement to Fast Track Growth, page-145

HRZ's reserves of 1.8 million ounces at say $5,000/ounce = $9 billion of gold.

But lets say, because its gold in the ground, and with some of it requiring open pit mining, and some of it underground mining,....and so its value in the ground is $1,000/ounce = $1.8 billion.

Estimated shares on issue are around 2.5 billion.

This means HRZ's asset value [Au in the ground] is around say: $1.8 billion / 2.4 billion shares = $0.70/share
NOTE: this excludes any contribution of asset value from capital equipment [ie., POS plant etc].

........and here we are sitting at $0.047/share.

Please correct me if Im wrong