The net assets per the last balance sheet works out to about 7c...

The net assets per the last balance sheet works out to about 7c per share so that would seem to provide a solid "base" for the value of HGO. This of course doesnt put any value on:
- PHES $31m (5c/share)
- Any profit above cost recovery from the ore stockpile (although this might not be high given the low grade remaining)
- Underground mining
- Ore recovery from the bottom of the pit
- Franking credits
- Mining from the non PHES effected areas including the Hub

So if you trust the balance sheet (I guess the risks are in the PPE, rehab provisions and stockpile valuation) then you have the current share price covered with some good scope for upside