I agree with your sentiments regarding valuations and...

I agree with your sentiments regarding valuations and gold-on-hand estimates.
I think we would both also agree that the annual reports and financial statements are intentionally prepared to make it very difficult to easily calculate these essential company details...

With that in mind, any assessment of the 'cost' used by the company would need to consider too many variables (both cash & non-cash) that we have no capacity to even guess at.
From the TBR Annual report.

The Auditor's statement from the same Annual Report...

I have resigned myself to using $2000 as 'cost'.
This method estimates gold on hand at 90-95,000 ozs circa $400m.

I also assume that the MIMIMUM gold-on-hand is the $189m inventory as listed divided by the FY'24 average selling price.
This method gives us around 60,000 ozs circa $270m.

Anyone reading this agrees that both companies are significantly undervalued.
I am willing to hold and wait, but would love to see the share price appreciate to a level more reflective of both company's asset base, profitability profile and gold reserves.

BTW - 175,000 ozs is around $800m in revenue at current gold prices.

C74