GWR Valuation, page-3

DavidSpades,

If we are talking about cash and cash equivalents / convertibles,

They also have a tick over $5m in shares in listed entities - TGN, EMT.

There's the royalty of $2/tonne which could be sold fairly readily I would have thought.

There is the interest in Hatches Ck Tungsten which, while subject to a farm in could bring in some extra cash too even if not immediately able to be monetised.

It's not much of a stretch at all to say there's a cash backing here of something like $65m. Quick math means basically 20c a share unless I've gotten something completely wrong.

Transparency - I increased my position today.