esg agm, page-3

My questions will be around price. INteresting to note from the original GGX prospectus to the last GGX annual report the value of the non-current assets (as in permits) is still $3.7mil. Only difference over the 4 years is another couple of mil thrown in capitalising the exploration and expenditure. Multiply that total by 2.25 and what do you know...you have an amount that is pretty much equal to the cash OIP has in the bank. There is probably a good argument not to include the exploration spend as part of the acquisition deal as it doesn't really deliver any material value to OIP holders - but even if you do include it it still values all of OIPs non-cash assets at the grand sum of ...add 4...minus a few...absolutely nothing.

Now why is this a good deal again?