Ann: Project Execution Update, page-13

I guess as a risk diversification within a portfolio there is a place for GPR but other developers with equivalent or better resources are available on the ASX. I sold yesterday after updating my tracking spreadsheet which showed, based on the updated FS and a SP of 50c:

Average Annual Production = 75.4Koz
EV to Production = $4217/oz
EV to Reserves = $306/oz
EV to Resource = $202/oz
EV to Gross Operating Earnings = 3.6 with an AISC of $1239/oz and a gold sale price of $2400.

The EV to Production figure is close to existing producers such as RRL and OGC at present, which have much higher annual production and resources. I cannot see that GPR warrants this, especially since it it is still an early stage developer.

I assign the development capital expenditure as debt in my spreadsheet in order to calculate the EV recognising that some of this will probably be raised as equity but I cannot predict at what price or quantity.