Been trying to do some numbers on RND the subsidiary of TBR, on the back of the drilling results from Barrick and the East Kundana Joint Venture.
I have assumed a value of $300m on the 50% of the EKJV held by TBR/RND. This year it looks like TBR/RND will produce around 100k ounces from here. To date campaign 23 and 24 have produced 55,000 ounces gold in first 6 months. Cash costs around $475 per ounce.
Ghana held 100% by TBR has proved up over 200,000 ounces from one of the nine targets, have given it a value of anywhere from $35m to $100m.
RND Valuation
12.25% share of EKJV $75m Plus 23% of TBR's share of EKJV $225m $51.75m Plus Bullion/Cash and Stockpiles $45m plus Plus 23% of TBR's Bullion holding $140m $32m Plus 23% of TBR's ghana leases $35 to $100m $8m to $23m Plus 23% of TBR's Rand shares 26m some 6m shares
Total value $211.75m to $226.75m plus 6m RND shares
OR
$3.78 to $4.05 per share
Is this right???? or am i missing something
TBR Price at posting:
$1.26 Sentiment: Hold Disclosure: Held
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