Good to see mate. I only adjust market cap for cash and debt in working out EV - so I have it around A$150m not sub A$100m. The “cash and working capital” of $74m is mainly inventory which is part and parcel of mining and should be part of the market cap/assets to shareholders. Only $17m cash at 31 March (nil debt other than some leases). In any case I think $150m looks cheap.
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