huge result 113.5 million profit after tax, page-47

Now for the valuation bit:

Value of Tucano reserves
Tucano has JORC reserves of 41Mt @ 1.44 g/t for 1.9moz
At nameplate capacity of 3.5Mt, gold production will be approx 160koz or circa 40koz per art. This is in line with q2 2013 production.

Tucano therefore has at least a 10 yr lifespan producing at 160koz per year.

160Koz x (1300 - 679) = 100m /yr
Assume sustaining capital 20m
Net profit = 80m / yr for next 10 years.

Pv at 7% = 560m
790m shares on issue makes this 71c per share and this is without duck head. The current price is below proven reserves excluding duck head. So to buy at these prices you are effectively buying below value with a free option over duck head and eps ploration success.

Again, welcome any corrections.