While GRZ has no other significant projects outside Venezuela there is a difference in their valuation metric, which is cash on hand per share. With 55 million shares issued and around $130 cash in the bank (plus about $30 million in saleable equipment) there is $2.90 per share sitting in cash to provide a floor (even though the market doesn't seem to appreciate that fact).

Their only debt is servicing the convertible issue which costs approx $5.5 million annually, and GRZ always has had a low burn rate, so considering everything $2.50 a share should be the floor even without any potential compensation.

I'm not sure what the equivalent break up value of KRY would be as I am not as familiar with their finances and superficially looks to me as a much more complex calculation with a lot more past finance deals to consider and a lot more shares out to spread any remaining value. Somebody more familiar with the KRY numbers might like to comment.

Also how this all affects the Choco 5 property where they have just commenced drilling is uncertain. This is a joint operation with the CVG but it hasn't seemed to have been mentioned.