no reason to be trading at these levels, page-2

The board need to announce their plan to give shareholders some confidence that they're not just letting the company drift- they've previously said they needed to wait for the liongold transaction to conclude before they can announce anything. The turnover of liongold shares over recent days has been easily enough for RAU to sell 50% of their holding into.

That SHOULD give them around $2.7m cash and leave them with a $2.7m investment in liongold too. However they may not need that amount anyway to acquire a decent project. A lot of consideration for projects nowadays is based on a smaller upfront cash payment plus shares and then deferred cash consideration to be paid in the future. We shall see. Hopefully there shouldn't be much more downside at these levels given they are under cash backing and the upside, if a decent project is announced, could be a market cap of between $5m - $10m.

Still think that pattersons will at some stage want and need this to be trading so much higher.