Qtrly report thoughts, page-9

What makes a good investment can vary. In GRRs case the value lies in the cash balance plus future earnings. You would not buy this business for 180m if it was just on earnings performance, as the earnings and more accurately performance is to variable. However with the second mill being replaced and the tailings dam about to finish and the high grade ore about to be mined , one would expect production and costs to fall to high 70s to low 80s and opex and capex to reduce permanently.

Therefore if we assume net cash and receivables equals market cap , then one buys a bushess that can generate 30-40m per annum cash flow for free.

was it worth alot more 27c that it trades as a few months ago - probably not but it's also equally not worth 16c . I would say fair value is around 22-24c