NST chase 100% of EKJV, page-11

alba

I've split the company down into it's main elements of value in order to show how undervalued it is in comparison to the Market Cap.

TBR owns just over 44% of RND and treats it as a subsidiary, so all the financial numbers released by TBR are the combined company including RND. To understand the TBR position without the RND numbers they need to be subtracted out.

The latest Qtly from TBR shows cash of $25M, but $15M belongs to RND. Therefore the actual December cash balance for TBR on it's own is $12M.

The $173M gold value is based on my estimate of TBR holding 73.7kozs of gold in their own right at the then current market price of $2,350 per oz. I estimate RND hold about 37.8kozs in their own right. So about 111kozs combined.

I've used the $150M offer made by NST for the mines back in 2018 as the base line mine value. Splitting the value out, $112.5M would be for TBR's share. The gold price has gone up significantly since then but I've off-set this with the recent Raleigh problems, and just for simplicity and comparison left it the same.

Finally I included RND back into the mix by adding 44% of the current market value. ie 44% of $138M or $61M.

Add these elements together and it gives you the baseline value as detailed above of $358.5M.

Factor in how reasonable/unreasonable you believe the NST offer to be and you can adjust your thinking as to where the share price could be.

Hope that answers your questions

Cheers

W