Hi guysI've finally had time to read both reports. I'm...

Hi guys

I've finally had time to read both reports.

I'm trying to interpret SRK's valuation of $200M USD.

This is on gross basis (ie 100% of which we own 74%) therefore on net basis:

200M x 0.74 = $148M USD
Less borrowings per Note 4 of 31/12 financials of $46.9M USD
Question on this one. Note 4 states Noble facility of $47M USD however the AUD borrowings is 85,109. How do they come to 85M AUD?

Anyway, assuming you use 47M USD,

148 - 47 = 101M USD

RES currently has 581,380,338 shares on issue

Therefore 101 / 581 = $0.17 USD
This equates to 0.17/0.62 = 28c / share

We are currently trading at 6c.

Birch how did you get your 18c? Were you taking USD?

Cheers