GrantCRS have free cash flows in the region of $30/40M.At 50c,...

Grant

CRS have free cash flows in the region of $30/40M.

At 50c, their market cap would be approx $150M, thus placing them on a cash multiple of approx 4/5x.

I think this to be reasonable value.

Agreed there is no stated reserve, however, the Central Norseman area does have a very long history of production with no stated reserves... in the order if 40/50 years i think (it could be longer).

At 40c, CRS would be trading at 3/4x free cash flows... and would represent outstanding value.

The only risk is re the potential resource going forward...