RE:RE:Very Few Gold Stocks on HKEXYour relative valuation is still conservative as you didn't even factor in other financial metrics. For example, Majestic operates with substantially higher operating margins and also has a much better balance sheet. Majestic continues to increase its working capital position organically whereas Tongguan has had a deteriorating working capital position while relying on external financing. I believe Persistence/Majestic will shine on the HKEX as only one of three gold producers with the best relative profitability and balance sheet.