In my opinion, cash in banks is not a good basis for estimating the value. I recall, LRS and LKE used to have large cash in bank, but eventually it turned into nothing for investors. Cash in bank is only good to CEO, it is worth zero if not used smartly. Both LRS and LKE's cash turned out to be of no use, and I think , for RNU it will be the same. If you have no profitable business in scope then cash in the bank will not help. RNU success is hinged on only one thing, "if the price of Graphite increases", otherwise there is no scope for RNU. What if the graphite price never increases ? and companies like EGR and SVM start producing at low cost ? RNU's advantage of being a friend of US category is already gone for at least 4 years. All in my opinion.
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