Yes. It is a bit hard to explain but I think part of it is the 30 million shares issued to ARL holders for free combined with current market conditions causing some holders to sell at these prices.
The market is really asleep on this one. You have an existing JORC resource of 431,000 ounces of gold in 3 deposits. All these deposits are open in multiple directions.
This also happens to be in one of the hottest new exploration areas, the Lachlan Fold Belt. GRL has a large tenenment holding with neighbours like Cadia Ridgeway, McPhilamys and ALKs Boda discovery.
All this for a market cap of around $7m which is not much over the $6m cash in the bank.
And as Prawn Man said only 65m shares on issue.
I also like the 21.6m oz of silver resource at Lewis ponds which is open in all directions and is part of historic workings that extend 9kms.
This is against a background of a very strong AUD gold price.
I cant see GRL staying at this market cap for very long.
Yes. It is a bit hard to explain but I think part of it is the...
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