inglewood project updated, page-8

Thanks to PAD and JordanLeeChina for referring to Goldnerds. I have become a fan of this product.

Using Goldnerds as a tool, out of some 310 ASX listed miners (with 1st place as the best buy), GBM is:

- 87th (of 310) in the overall rankings
- 85th in ratio of enterprise value to minable gold ($60/oz)
- 18th in ratio of market cap to annual production ($1007/oz)
- 26th in cost of production ($ 410 per ounce)
and they must be near #1 in terms of prospective PE ratio (PE = 3)

GBM then came in as a clear #1, after removing companies with the following criteria from the list:
- those that work outside of Australia (political risk),
- those that have not announced/estimated a cost of production (risk of uneconomic resources),

The only negatives are:
- board overweight on Bankers and Lawyers.
- four week delay (at least) from the promised time of commissioning of the plant.
- Victorian gold deposits can be patchy (leading to difficulties getting JORC resource statements).

These points should be balanced by:
- the local Bendigo MD, founder, and mine management.
- 6.2 tonnes of past production at Inglewood (their main project) at shallow depth only (down to 150 meters).
- Common sense says Inglewood must have around 2 million oz left - but the company has been very conservative s0

The recent announcements of resource and a progress report on the plant had no affect on the price. Pretty surely this is due to the sell off of the $ 1.5 billion of Opes Prime's junior gold investments (thanks for the bargains ANZ).

Clearly gold production can't be far off, and then look to increases in resource up to at least the 1 million oz mark.

The underlying value of this share is $ 1.00 to $ 1.20.

I'd like to know if anyone has done this kind of analysis on any other stocks (am I missing anything????).