Is this the ASX's cheapest gold developer?, page-160

How do you think resource companies operate. Of course they are spending money. They haven't started producing yet

Needs to raise c. $40m (hopefully primarily via debt) to rehab plant. Will be producing 100kozpa at c.A$800 margins by end of year. High grade LOM of 4 years for a MC under $100m. It's pretty cheap. Even cheaper if you're bullish AUD gold over the next few years.

Stage 2 is crap unless we see $2k gold (AUD) but Mt Joel will add tonnes as they firm up metallurgy and Hadrian belt adds heaps of strike for potential exploration. Also HMX sniffing around Bronzewing Sth so their is potential toll treating deals on the horizon.

Just think of this as the RMS model and look at how they have done and the cash they have generated.