Hi Folks
Read the annual report to see the NTA which is more than double the market cap, however I decided to be more conservative and use cash and receivables plus stock piles - debt/ payables.
The value I use for stock piles is a net value in AUD after shipping which I place at 75 AUD per tonne . Both the pellets and concentrate command a strong premium to 62% fines so this may be a little conservative but that is OK
Thus core value is 810k tonnes x 75. = 60.7 m aud for stock piles plus 138.5 in cash and receivables and minus payables/ debt of 35m - that's 165.
So we have a core net value of 15c per share giving zero value for the massive reserves, plant and equipment.
Interesting to see that value of stock piles has increased significantly and we must recognise this easily monetised asset.
A very safe investment IMO
Core value
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