GBG owns a share of a JV which is going through a massive...

GBG owns a share of a JV which is going through a massive transformation from never ending cash out to cashflow coming in. Given they are taking from a stock pile then from a cash point of view posters are estimating 200 million in once they have gone through existing stock pile.

But they will hoard cash for ramp up and to pay down debt.

Therefore GBG based on last cashflow is spending
- about 4 million per annum in exploration on other sites
- just under 8 million a year corporate expenses.

Corporate seems high given that its within the JV that real work takes place.

But the issue I see for holders is that until a dividend starts to appear likely then the market will find it hard to value GBG.

I suspect it may be like a sleeping giant that may not wake for a while.