Hello acturtle,
Thanks for the reply. Yes it is LSG's policy to value all their holdings at cost - but only if it is an unlisted company. Other unlisted assets of LSG include African Lion and MPI that are of note. MPI is particularly interesting as it holds the Coolgardie JV with Herald Resources. This latter company is quite interesting, has proven management at the helm and is worth a quick research.
I think the most significant assets of LSG (apart from EAGM) are the Gallary Gold (GGN) holding, which has been quite a success for them and Indophil Resources (IRN) which has only recently listed. The latter is particularly worth a look - check out the resources!
LSG also has over 30cps in cash backing. It is willing to spend more at present (for example it recently took a $1M stake in IGO) and like you mentioned Robin and the team are well respected in the industry.
You are absolutely right that LSG's share price trades at a significant discount to its NTA. Only once during July this year, when the gold price really took off and looked like going past $330, did it actually trade at a premium.
I think its a great buy atm based on fundementals not gold price leverage. I think you saw a bit of that with the spike in the share price after the EAGM announcement. Get set for more positive news from EAGM!
Cheers, J
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