I've managed to come up with similar figures to you, but I arrived via a slightly different route. My sales were higher on the basis that at current prices less gold will have to be sold to cover costs, so I worked on 20,000 ozs produced, from this I deducted $14M for depreciation. I also took into consideration the cross ownership to a limited degree.
For TBR I have a NPAT(at current gold price run rate) of 96c per share, with gold on hand value of about $5.95.
For RND I have a NPAT(at current gold price run rate) of 41c per share, with gold on hand value of about $2.30.
W
TBR Price at posting:
$7.80 Sentiment: Buy Disclosure: Held
