Worth $8/share +

Asset Valuation	Book Value (2020)	Adjusted Value
Total Assets	$304.4	$474.3
Cash And Equivalents	$14.0	$14.0
Inventory	$169.9	$339.7	*At cost value, so applying 40% margin is very reasonable
Trade and other receivables	$2.1	$2.1
Property Plant And Equipment	$48.1	$48.1	*Seems very conservative
Right of use Assets	$9.7	$9.7
Exploration and evaluation	$4.1	$4.1	*At cost? Value could be higher?
Mine development	$47.8	$47.8	*At cost, but reasonable, someone would pay for min?
Deferred Tax	$8.8	$8.8	Orginal cost above is $214m is replacement cost
Total Liabilities	$39.0	$35.9
Accounts Payable	12.234	$12.2
Current Portion of Capital Lease Obligations	4.465	$4.5
Other Current Liabilities	5.837	$5.8
Capital Leases	3.095	$-
Other Non-current Liabilities	13.4	$13.4
Net Asset Value	$438.4
NAV/share - conversative estimate	$8.35 **
			$0.65
NAV/share (face value)	$5.04	*This is extremely conservative, as gold is held at cost
NAV/share (adjusted 1)	$8.35	*This assume gold is sold at 40% GP margin
NAV/share (adjusted 2)	$12.66	*This assume gold is sold at 60% margin
NAV/share (adjusted 3)	$16.20	*This assume most aggressive accounting adjustments

24-Dec-20

BuyAU$331,815

Anthony Billis

Individual

AU$5.53

Earnings Power Valuation
Normalised 2021 Revenue	$180	m
Normalised 2021 EBIT Margin	40%
Shares Oustanding	52.5	m
Normalised NOPAT	$50
Normalised Adjusted EPS	$0.96
x7 multiple	$6.72/s	Plus excess cash	$19.38/share
x10 multiple	$9.60/s	Plus excess cash	$22.26/share

Perhaps the market will start to understand the opportunity here?