Q2 2005 Results (Post 9) Return on Capital Deployed I have previously shared my valuation model for PLAN in a post dated October 26, 2024, based on the figures in the Q! 2025 financial statements. The valuation model breaks PLAN into six separate components so that appropriate valuation metrics can be applied to each one based on its unique characteristics. The six components are as follows:
1. Former Absorbent Products Limited (APL) operating business
2. Former APL land holdings
3. Former APL Mineral Properties
4. Former PLAN Exploration and evaluation assets
5. Former PLAN investment in Private Companies
6. Research and Development (legacy PLAN and APL expenditures)
You may recall that as a first step, I pull apart the latest PLAN balance sheet and assign the various non-cash assets and liabilities to the associated component listed above. I have now completed this update for Q2 2025, which results in total Net Asset figure of $12,706,276 (which excludes the Cash balance and the Deferred Tax Asset and Liability of $1,929,707). If deferred tax assets and liabilities are also included, the net assets fall to $11,784,423. Add in the cash balance of $2,932,177 and you arrive at the total equity or book value of the Company at $13,708,746
Divide the $13,708,746 by the 109,761,943 shares outstanding and you arrive at the $0.1249 NBV per share figure as at October 31, 2024, which is an improvement over the $0.119 per share reported as at July 31, 2024.