Ann: Dalgaranga Update and Continuation of Voluntary Suspension, page-20

The Glenburgh project has typically contributed only residual value to the GCY Market Cap. At least this way the project can be fairly valued and given the time and attention it needs.

The probability is we are going to see some dilution coming our way in order to re -capitalise the Murchison Project.

Let's say they raise by selling a further 425 million shares at 15c. This will give GCY a cash balance of 60 million and a Market Cap of approx
127 million based on 850 million shares @ 15c.
This is an Enterprise Value of only 67 million although I'm assuming there will be some debt left over after the operational pause.

Even without Glenburgh the newly relisted GCY sounds pretty cheap, especially if these UG deposits continue to grow in size and number.

At the very least the Glenburgh IPO will help soften any dilution blow for existing shareholders.