Ann: Becoming a substantial holder Tolga Kumova, page-115

Lets have a bit of fun here with the analysis of relative values then.

I like the example and symmetry's as well - namely because , as in the world of Mathematics - Being ' equal to is not necessarily meaning ' equivalent to ' . And whilst a number of similarities exist between the three companies , the theory or illustration works well from the perspective of RGL in relation to BOTH the market capitalization of the other TWO as well as to what the expectations of say Tolga might be in terms of how he sees the market for Gold stocks at the present moment.

So I would like to think that using say $10million market cap and a 3.2 cents as a starting market valuation for RGL , that in turn RGL = NVA = RED , and so therefore could be seen in ' multi bags ' as 5million x 2 million x 5million ' and is that Equal to or Equivalent to or the same as 10m + 10m +10m + 10m +10m = 50 million ?

And this supposition can be applied to either of the three stocks depending on the perception of value relative to the highest valued stock of ANY 3 peers.

So over laying these summation of market cap values to the RGL SP at starting position of an approximate SP of 3.2 cent and a $10 million market cap , we would go from 3.2 to 6.4 cents = 9.6 cents = 12.8 cents = 16.0 cents = $50 million = ( EQUIVALENT ) to approximate current NVA market value ......

And why not I say , as we have virtually the same exposure to Alaska , and just as much if not more here in Australia.

So I guess to be ' Equal to ' as against ' Equivalent to ' in terms of RGL's value is largely a reflection of how it will actually gets to this same outcome of value and as such is heavily reliant of the Markets perception of value as defined by it's projects and aggressive proving up of it's resources and the ' appeal ' verses its peers as well as potential investors.

So either way - Tolga seems to have clearly endorsed it from an investing standpoint , and at the same time has compared it quite extensively to other Stocks int he market. And bottom line is that $10 -$12 million has to be way way undervalued on so many levels it's borderline getting ridiculous in my opinion.....