50 cents December, page-43

Here is my amateur evaluation on the share price. This is just an estimate and all IMO. I could be completed wrong..

213000 ounces JORC = 213000 x $1200 US dollars

$255 600 000 US = $352 728 000 AUD

51% owned = $179 891 280 AUD revenue for ONX

Minus running cost = 6 - 10 grams per tonne (there is no way for us to know this but this is a rough estimate factoring in GBF charging lower running cost.

Let’s just say running cost is 4.3495 grams per tonne for ONX as sand queen is paying the other part. Leaving 24 grams per tonne profit for ONX. Round numbers for easier calculations.

Equals $152 291 600 profit for comet vale alone.

Divide that by 538 millions shares = 28 cents per share for comet vale alone.

Then factor in Golden Lode tenement. 1-2 cents per share extra.

Therefore a fair value is from 28 - 30 cents.

I think anything below this is a good buy long term. Then we need to factor in the acquisition potential for this company. As soon as ONX have another project signed, it can double in value overnight.

The Uber for the gold sector as the West Australian called it.

So why sell?