ridiculously undervalued!

Been doing a bit of a back of the envelope valuation on UML.

$44.1 million cash in bank at last quarterly
$8 million in bonds

So cash backing is 52.1 million

UML owns 33.46% of Goldstone Resources which at EOD on Friday was trading at 5.5 pence with a market cap of 12.06mm pounds or $17,706, 449 dollars.

33.46% of this is valued at $6 020 192 AUD.

Tally now stands at $58 120 192.00

Value of deal with Catalyst for the Bendigo asset is $100 000 upfront plus 1 million CYL shares or $420.000.

Tally now stands at $58 640 192.00 vs currrent market cap of $66,647,326

This excludes the Henty mine, production, and further payments for Kangaroo Flat plus royalties.

No wonder the company sees value in a buyback!!!