Thanks for pointing this out, I now recognize my error assuming valuation of assets having an impact on taxes. In Troy's case writing off the value of mining operations does not lead to an increase in deferred tax assets. On the flip side revaluing upwards again will have no tax implications either. I can tell you that is not the case in every jurisdiction. It really sucks if you have a personal tax rate of 53%, a corporate tax rate of 24.5%, keep shares via your corporation to save taxes, the value of shares goes up by e.g. 100% and you have to pay 24.5% taxes on the increased value end of year without having sold a single share.To make matters very simple for us, Troy made a summary of deferred tax assets on p. 52 of the annual report. A$30m (and not the up to A$90m I stated). A$28.2m are not recognized on the balance sheet because Troy was not expecting to be able to use the assets. Well, things may change.
That means the "true" book value is not A$59.8m but A$88m including the realizable tax value of carried losses, 19 cents per share.
