Originally Posted by
Baa_Baa
It might not be a flaw in the calculation, but it has forever been the unknown, the highlighted bit is, just a guess, because there hasn't been any gold extracted for long time, well before this listed 20+ years ago, let alone processed and sold.
NTL cannot realistically be valued as an investment, at this point in time, it is pure speculation at the far end of gold exploration, just find some gold and prove it.
The real value is and will be for some time, the cumulative shareholder losses which can be offset at points in time against earnings, if there are any.
It really has been and still is just a punt, but some glimmer of hope is that this management might just get some of the shiny stuff out of the ground. Even then you're not talking about valuation, as it's never been about valuation, it's always been about what the market thinks the SP should be.