actually the 29 m tonnes for Ranger is probably and proved
it doesn't include the 109m tonnes of resource that has not been proved up to reserves
So lets do the figures again
29 m tonnes of reserves worth about $400m current assets $412m ie cash, inventory, payables long term assets $1bn (but worthless) so there is $800bn
Ranger resources some 102 m tonnes would account for the other $600m
Jabulika would be worth zero as the mirra haven't approved it yet
so market cap of around $1.4bn or $7 is probably about right. Remember a stock is only worth what it can pay out If 29m tonnes is worth about $400m, the 102 m tonnes of resource is probably worth more than $600m you'd be able to get more than 40m tonnes from 102m resource wouldn't you? at least that is my reading of it.
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