Dwarves and Middle Earth, page-9

Agree current price is fair value but given this company's history of cash costs ( not AISC) at about 75-90 AUD , and the continual performance issues and risk of lower IO price I personally would demand a price of 10.5 to feel like I am getting a bargain with a risk buffer. I prefer MGX at present due to the fact that they both trade at a big discount to cash , but MGX can deploy 200-250m on another asset and diversify , whereas GRR can't really afford to use much of the capital and not many quality assets sub 100m . The other difference is the management , Grr are light weights whereas MGX I rate highly . Lastly MGX has a chance to significantly increase cash with a Business interruption payout , but I can't see GRR increasing cash . So although GRR is decent buy , MGX to me is more attractive and safer