Interesting to think about entry points here.DLC has...

Interesting to think about entry points here.

DLC has 1,008,496,205 shares. So at 0.8c per share, that means the market cap is $8 million.

As of the last quarter DLC had $1.6 million in the bank. And 11 million shares of EUR, at the price right now, that is 11m x 0.085 = $0.9 million.

DLC also owns Calvista, which last year did $16.6 million in revenue. If we assume that in an average year it should do 5% operating margins, that is about $0.8 million in profit. If it is worth 5x its normalised profit, then that is $4.0 million.

So the enterprise value (on my calculations) is currently $8 million (market cap) - $1.6 million (cash) - $0.9 million (EUR holding) - $4.0 million (Calvista) = $1.5 million.

In my opinion this is a small cost to enter into a world class gold region. I think the value of the prospect is understated. I look forward to monitoring the progress of results, learning more about the region and seeing Delecta's share price rise as the story unfolds.