Ann: Quarterly Activities & Cashflow Report - March 2021, page-24

Simply put the company has 120m in gold and silver bullion at the Perth mint - to establish this is a long process of interpreting the company statements going back to the super dividend payment of 1.50 ff that Rand payed out a few years ago.
The Negative 40m EV relates to the SP x outstanding shares which is 85m atm =-(35m)
meaning that the market is valuing RNDs gold at a discount and it’s tenements at less than zero!
Rand has been thwarted by NST at every turn since TBR/RND rejected the 150m offer for what is worth closer to 600m yet Rand continues to pay its bills and stack bars!!!!!!!