here are my back of the napkin notes: Last Price17.5c Market Cap...

here are my back of the napkin notes:

	Last Price	17.5c
1	Market Cap (MC)	17.11M
2	Total assets	8.3m	As at 2019 annual statement
3	Total debt	600k	As at 2019 annual statement
4	Cash on hand	1.1m	*COH excludes 373k startup provisions for plant *sold tailing for 6m (4m cash + 2m royalties over 13months) no payment received yet
5	Shares on issue (SOI)	98m
6	Enterprise value (EV) EV=MC+TotalDebt−Cash	16.5m	Using 2019 numbers
7	Cash at bank	1.1m
8	Est. Spend next Qtr	300k	4 qtrs funding left available (ref 8.7 of june2020 qtr report)
9	Current Qtr Cash burn	300k

Overview ofprojects:

Pilbra (Strelleyproject - gold - mallina basin WA)

-acquired land nextto DEG

-3 prospects readyto be drilled (no date yet)

tick hill - gold

-pay someone toprocess gold recovery. AISC $1493, est 27-28k oz @ todays POG...nice (25mil pretax RefFS )

-sold tailing for 6m(4m cash + 2m royalties over 13months) no payment received yet

-current projectvalue 18m after sale

-drilling to extendresource. No dates specified

production timelineno change -1st gold expected Q4 2020)

-still discussingcommercial terms

-still waiting ongov approvals. Est 2-3 months

Tick hill - copper.Mt Birnie. Greenfields. No drilling planned

Malmac project(gold, copper, lead, zinc, nickel - greenfields prospects)

Throssel project(gold - greenfields prospects)

Annual statements.

https://hotcopper.com.au/threads/ann-2019-annual-report.4979441/

Recentannouncements:

https://hotcopper.com.au/threads/ann-june-2020-quarterly-report-appendix-5b.5528069/

https://hotcopper.com.au/threads/ann-tick-hill-gold-project-pfs-results-and-maiden-ore-reserve.5432238/

https://hotcopper.com.au/threads/ann-investor-presentation-mines-money-conference-2020.5452959/

Risks:

-no drilling plannedyet

-delays to tick hillmining approvals + commercial agreements

-tick hill gold notas good as forecast

-tailings royaltiesnot as good as forecast

Summary

1.1m cash, no debt.

4mil receivables +call it 1.6m royalties with risk factored in

18m proven resource

4 drilling projects- no dates planned - ballpark value 1m each

300k provisions forprod

Total 29m

Current MC 17.5m

And thats with theprice of gold 6 months ago