Well going by the last quarterly they only had roughly $7m in debt at that time (but yes they did say they may draw a further $2.2m this quarter). But they also had nearly $4m cash on hand plus the proceeds of the first shipment to come. So lets do a very rough calc. and call it about even.
So considering that, if we give the entire iron ore business zero value then SRK is still incredibly undervalued just on it's LEL holdings alone. As I type LEL is trading at $1.04 which equates to almost 13c per share for SRK.
Ann: Paulsens East Maiden Shipment and Operational Update, page-21
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| Open | High | Low | Value | Volume |
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