Yep, agree its a very unloved stock at the moment but maybe...

Yep, agree its a very unloved stock at the moment but maybe thats not such a bad thing. Its back to risk vs reward time IMO.

Current Market cap circa 80 Million...

- Expect to have circa 18 million in bank (give or take)
- Should have had $5.6 million Environmental bond back from Leichardt in December.
- Have $18 million approx of listed investments
- Have $13.5 million ish (circa $10m after tax) due on GLY in Feb.
- Have worse case $17 million due back from ATO, or best case have $73 million due from MCC.


So cash + fluid equities should be somewhere in region of 18+5+18+10+17 'WORST' case (losing MCC after tax).... i.e. $68 million/ $70 million - Over 10c per share...


Best case (winning MCC after tax) is $123 million (18c per share ish)

Not to forget

- The exxaro royalties.... will be worth significant funds
- Marampa... is it worth nothing??? I doubt it...
- Kukuna..
- Sandenia
- Rokel etc
- etc, etc


So *all* the above assets are carrying a current value of $12 million!!?

Surely in the medium term it has to have some significant upside???

I'm hopeful, but the share market will no doubt make a fool of me :)

Kasper.