Came up on a scan for low-cap companies with high NTA..

These guys have just flicked off one of their projects to Mintails Limited for a combination of share buy back, and cash.

A quick back of the envelope suggests to me that post-transaction they will have:

- 88mil shares on issue @ 5.5c = $4.85mil
- $5.5mil in cash
- Additional royalties (which can be cashed in for additional $1.5m)
- JORC resource of 307,000oz (at EV / Resource oz of $12.26/oz as per quarterly = $3,763,820)
- Interests in several permits.


Any thoughts (particular about resource worth)?