As usual shareholders have to calculate themselves a more...

As usual shareholders have to calculate themselves a more accurate balance sheet from the accounts, so let me do so here.

Net assets in accounts $47,487,514
less value used accounts for gold in hand (21,741,388)
plus value at gold spot price on 31 December 2014 49,406,707
less value stated in accounts for TBR holding (20,208,584)
plus actual value with sp on 31 December 265c 34,791,595

Net assets $89,735,844 (81% higher than the 'official' accounts)

With 60,841,209 shares NTA/share is 147c with sp today of 120c. Granted the sp is in a better place than 6 months ago.

However the NTA takes no account of future earnings from what I consider to be a high quality gold mine. In my view the sp should be in excess of 300c.

Yes the Tapeta project is having a negative effect on the sp but if the Company is serious about getting full value for shareholders, as it says it wants to, it should can this project in view of the iron ore outlook for the next 10 years

Whoever is picking up the shares at the moment is getting a great deal IMO