A 37% month on month increase in Coburn production must simply...

A 37% month on month increase in Coburn production must simply be applauded. Well done team; certainly better than I had hoped for, and love the mud in the photo.

While we must await the quarterly end April, I am hopeful there has been also a continuing quality and pricing uplift.

I think it likely that they may have been cash flow positive in March, possibly a monthly first, though we await confirmation.

However, it has just taken so long, around 16 months of operations. The NAIF debt is low cost, but the bonds are at killer interest, and compounding is a b*tch.

It is almost impossible to take a stab at enterprise value from the outside, but gee what an improvement, in the last 2 months, and great to see the regular shipping.

Am tending to think there may be residual value in Coburn now for shareholders, in part because Aussie Government lender will not want to move against such an improved operating story.

Let's call that 5 cents per share, for want of a number.

And then there is the improved Tanzanian assets, wholly owned by shareholders. A cautious 5 cents there, more conservative than brokers, is really our floor share price right now.

Am hoping a total 10 cents might become 20 cents per share, over time, if the good news keeps flowing here.

But none of that can be science, with such little data.