The NTA number is irrelevant, as it assumes the value of the mines is zero...it is just cash assets less liabilities. Accounting nonsense. No surprises in the report. The important item is net operating cash flows of $9.5m, up from $3.1m. A $40m market cap for a goldie with $9.5m of operating net cash flows, and a growing production and resource situation, does not make sense.
