The shares are worth precisely 33c a share !
The reason? That's how much it equals its net cash backing right now
After it pays the 10c capital return - it would equal its net cash backing of 23c a share
But of course further acquisitions and capital spending will reduce the amount of cash in the bank and before long that net cash backing of 23c a share will disappear ......
Considering it cost CHN to find and drill Koka for $10 million, it should cost a similar amount to drill to JORC stage the Mogoraib North which would imply a 4c discount to the net cash backing - 28c per share before the capital return and 18c after the capital return
The shares are worth precisely 33c a share !The reason? That's...
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