RE:20.1M for a premium graphite mine …Based on my calculations
Share in NOU (6.2mn shares @$3.0) = $18.3mn
Share in SWAN (39% of 301.7mn shares @$0.12) = $14.1mn
Cash (as per Sep 30, 2023) = $7.1mn
Total =$39.5mn
Total shares (141.29mn) =$0.28/share
Discount to book value @ current price ($0.18) =36% (or 55% upside to BV)
This does not consider the $5mn promised, because it's contingent on underlying conditions, NOU shares are in a lock-up and there is a quarterly drawdown on cash from its operations, about $0.5mn last quarter. Holding companies typically trade at a discount, 36% doesn't look crazy in that context, but if you believe in NOU and SWAN share price upside, cheaper to hold via LLG. LLG has become a holding company and probably won't stop at NOU and LLG, might add other investments, given their cash position.