Ann: Presentation, page-25

one of the things I noted before I bought today was that many people would be underestimating the companies ability to profit.

This year they stated a profit of 2.6million (USD) but there is some devil in the detail. Firstly, their recievables trade balance dropped 1.6million, thus 1million profit as a grand total, however this includes 2.5million paid for acquisitions and 3.5million in exploration and development of the acquisition.

Thus the real total is ~6million net profit if you assume that 1million of exploration/development was required for actual mining to begin rather than just confirming the resources available.

Even if they get half of that this year, it starts to look like a massive bargain considering the debt free cash position... their current MC is 24.9 million giving an EV of 8.4 million for their projects which produced a $6million profit last year?

So should of done research into this ages ago.. damn.