Estimated outflows for the Sept. qtr was @$5.1 million, of which @$3.8 million was budgeted for further exploration and evaluation. It will be interesting to see whether that money has produced any material results/improvements since June.
In any case the company should have in the order of $29 million in cash plus it's $2.5-$3mil worth of listed investments as at 30th Sept.
With no debt, that means the company's est. EV is @$12 million based on an 11c share price or m/cap of $44 million.
That's @$12 million for a 3.6moz resource = @$3.30 per oz of gold (EV/R).
Gold (albeit in ground but taking into account the forecasted US$875 AISC as per BFS) doesn't come much cheaper than this
I bought back in today as I like buying my gold/goldstocks on the cheap and IMO the company looks ripe for a takeover here.
Note: my opinion should not be relied upon nor considered as advice of any kind. Please DYOR.
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