12c, page-14

Cheers Oceans, and nobody's run the figures they gave us in the Update yesterday so I had a go at it assuming today's PoG at A$1,550/oz for their projected FY production.

Have a look, see if it's flawed anywhere please :-)
I did it 2 ways in case Edificia would repay the full A$8.5m only in 2014/15 and none of it in this current yr.

Gold-related Production/Capex etc/Revenue 2014/15
Q1 7,000
Q2 7,000
Q3 7,388
Q4 7,779
------------
FY 29,167 ounces Total

Cash Cost Target A$400/oz
Aus HeadOffice A$125/oz
Exploration Cpx A$100/oz
----------------------------------
All costs A$625/oz

Assume PoG at A$1,550/oz
Deduct costs A$ 625/oz
----------------------------------
Profit /oz A$925

Production Profit 29,167oz x A$925 = A$26,979,475

50/50 Split with Edificia = A$13,489,737
Edificia owe $8.5m = A$ 8,500,000
--------------------------------------------------
Cleveland total FY Profit = A$ 21,989,737

OR
Working it out on the proper 70/30 split with Edificia until their $8.5M is paid back to CDG

A$26,979,475 @ 70% = A$18,885,632
(Edificia would still owe around $3M to be paid the following year)

Whichever way I look at it (though the crucial factor is obviously the PoG) they would generate A$45M in sales and their cut AFTER ALL EXPENSES (including running the Aus Office) would be somewhere between A$19million - A$22M

Today's m/c of $33m ?
Reckon it's a LITTLE undervalued ?

As I said, pls check the figures, think I got it close though :-)
Cheers, Aussie