Ann: Preliminary Final Report , page-2

This not an inspiring press release. Thank God for the second half improvement. Things will improve a bit more when the hedge ends in early 2014 I think. But then in a few years time they will start paying income tax (30%?).

This mob needs to lift its game.

Still no news of what compo they will get (if any) from the sag mill break down. This looks a bit suss to me. How long does it take to resolve this? Looks like they either have no case or will have to go to court to collect anything - always a bit dicey. Perhaps they ran the mill too hard for its capability so it broke down, in which case would they have a case for compo?

Still no news on the mill expansion to 10 million tpa (300k ounces pa).

The USD28.1m post tax profit translates into AUD28.06 ($56.1m annualised) or 16.27 cents per share. The current price is AUD2.06, so it is trading at a PE ratio of 12.67. If there were no further expansion, cost saving or hedge then it is fully priced in the current market on the basis of its income, but perhaps not on its gold resource/reserve.

They have a heap of low grade gold and need to scale up a lot more. Perhaps the management is waiting for the POG to hit $4000 and be taken over for $5 billion. I dunno what they really think because they are not telling mushrooms like me.

I am not sure why they refer to after tax profit - I think they are still on a tax holiday.

Any views on CGA by any lurkers or shareholders?

loki