Ann: Half Year Accounts, page-30

Hi ANTON707, great logic. I would make a few adjustments in my own personal assessment. This is my conservative view.

20% of Manna could be bought by anybody really. Not that you meant that was not the case. And $24M is an OK approximation only this is too early for a company to stump up for that based on a floating share price. It is really interesting that MIN are now in there however so that should not be discounted. Yet how to value that 20% of Manna? Some sort of discount would be needed yet BRB will not be selling that down at any stage soon when drilling will happen at GL1 expense. This should increase in value over time.

The value of the 10+M shares is also floating and escrow not up for a tad over 2 weeks yet. Once we hit April it will become real so this approaches fast.
If GL1 start hitting significant intercepts at Manna then that $10M JORC payment will also become real.
The production target is too far off to value as anything more than a token at this stage.
Our cash must be down at circa $7.3M by now as well.

Parts for DD rigs hard to get at present but WA now opening up which will slowly ease the skills shortage.
I think the current cash will go further due to drilling delays. That slows a significant cost outflow.
The 1.7M oz is excellent and growing but only 1.1Moz are in the preliminary mine studies. This will rise, absolutely guaranteed given the width of the flat lodes and sparse drilling that crimped the JORC estimate in the recent upgrade. 2Moz now comes into view in coming months.

Yes BRB is stupidly cheap as the EV is far too low, especially IF these 1.1Moz are profitable in the mine studies. I believe they will be very profitable at these gold prices even as costs rise. Gold will rise faster IMO. That will all sort things for us shareholders.
We must be due for some drill results soon.

GLTAH CW