5 to 50 , time to buy at cap price, page-13

I do not agree that the long lead items should be included in cash & equivalents. Without doing that then the EV is not negative but can be calculated as $9.41M on today's closing SP of 2.7c and $5.7M.cash & equivalents as at 31/12/22.
The long lead items are sunk costs and may or may not be recovered in any sale/liquidation.

I agree that GPR is extremely cheap on an EV to Resource basis at present and so I was tempted to buy a few at 2.9c recently. If they reach 2.5c, then I will pick up a few more. Based on the latest JORC resource of 1.54Moz attributable to GPR (which is 75% of total), then the EV to Resource is only $6.10/oz and the great majority is Measured or Indicated. That is incredibly cheap for a resource at this level of proof with the potential for more to come. It also ignores the infrastructure development that has also been carried out on the island.

It has to be just a question of time before GPR either refinances and renews its development efforts, sells out completely, or establishes a JV.. Given the disastrous history, I favour a JV with the other party taking operating responsibility.