GRR Valuation, page-6

Link to Q1 report is here. https://grange.blob.core.windows.net/public/32bc2e9c-c824-493a-817d-066f9a6038ad.pdf

At end Q1 Grange had:

• Cash and liquid investments of $258.6m
• Trade receivables of $73.4m
• 179,632t pellet stockpile. At 18 June pellet price of $424/t that is worth $76.2 million.
• 22,577 concentrate stockpile. At 18 June concentrate price of $371/t that is worth A$8.4 million.

Total cash and liquid, trade receivables and inventory as at Q1 was $416.6 million.

For Q2, miningnut estimated $254m in Sales. Cost of sales will be approximately $70m and I assume tax is around 30% leaving NPAT for Q2 around $129m but they are consistently reinvesting in Capex so I would assume net cashflow closer to $110m.

I would therefore estimate total cash and liquid, trade receivables and inventory as at June 30 will be around $526 million. If the share price doesn't move I think the EV of GRR will be zero around end of August. We are not quite there yet but very close.