Based on the last two quarterlies: sitting on cash, stockpiles and receivables of about $200M Aussie. 18 months to go at about $10M per month. Say we have $300M Net Assets when the end comes around, less taxes, closure etc. Take that back to $200M?
Current market cap $212M
You can get $200M for a mineral sands hopeful with no track record, $30M in the bank and a maybe project without funding in place.
Surely we must be close to development value? Given that the implied development value looks to be zero ...
Ann: Quarterly Activities Report - March 2023, page-22
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