I agree that the financing issue is casting a shadow over...

I agree that the financing issue is casting a shadow over everything else.

Let's assume we raise $20m: $10m to pay for Indee, $10m for working capital for next nine months. Plus the vendor gets another $3m in shares as part of the deal. So a raising next month at 10 cents a share would mean a total of 230m shares added to the register. Post-raising we would be at about 730m shares.

Then assume De Grey can hit its resource target of 3 million ounces from the structural gold projects within the next 12 months. If the gold is valued at an industry average of about $40 an ounce in the ground that would suggest a market cap of $120m, so De Grey would be worth about 16 cents a share.

Of course, lots of assumptions here, with big ifs on whether 10 cents is a realistic CR price and whether De Grey can get to the 3m ounces resource target next year (if it only gets to 2m ounces in resources, the implied share price is close to where we are now at 11 cents).

After that there is the bigger decision on how to get the capex of about $100m for building a plant. But if you can accept the risks, a raising at 10 cents now might still offer some upside. Perhaps the Toweranna results this month pointed to the 3m target being more achievable. And this valuation offers nothing for the conglomerates, the Farno JV or the base metals projects, which could add substantial value, if they can be monetised?