Ann: Quarterly Activities Report , page-2

Hoping for some help here...

From the QR TGZ produced c. $4m profit (or 1c per share). This places the company on a PE of about c. 20 assuming this Q results are annualised (i.e. 4c per share) and the SP is 74c.

I looked to see if this Q was unusual for some reason. No. Cash costs and AISC were within FY guidance and reasonable.

I then looked to see if production was to ramp up considerably in FY15. No. It looks like it will go from 220-240k oz to 250k oz.

Why then is TGZ on a PE of c. 20 when a company such as OGC is on a PE of 3 based on its latest quarterly.

Any answers much appreciated.

Cheers
John