Yeah, I sat down and tried to come to grips with the AR too....

Yeah, I sat down and tried to come to grips with the AR too. From what I could discern, the majority of the deferred tax liability in the balance sheet is related to SYR and at a price of around $2.79. I worked out the $2.79 value by taking available for sale securities less Superior Resources Holding at $45k divided by the 11m Syrah shares. If the tax liability is deferred, this would imply only a tax provision for any sale has been made (not actually paid). At the current Syrah share price of $2.33, after-tax NTA is around 20cps and 27cps pre-tax. If you add in the contingent liabilities for the prospecting (assuming they can't get out of these), then after-tax NTA drops to 18.7cps. The Syrah investment alone for CSE is worth 24cps pre-tax and 17cps post-tax. I haven't diluted for any options in this calc. Would be interested to see what others have been able to derive from these accounts. I could be completely off track!