Ann: Diggers and Dealers 2021 Presentation, page-5

To further explore:

Duketon and Tropicana guidance is for ~500,000 oz of gold with an AISC of $1,365 AUD.

Current POG is $2,415 AUD so let's say they are making $1,000 AUD /oz.

McPs is going to be up to 200,000 oz with an AISC of $1200 AUD /oz, but let's use $1,400 AUD / oz.

If we are producing 700,000 oz and making $1,000 AUD /oz, we are generating $700m /year at the current gold price.

POG goes up and we start making closer to $1,400 AUD /oz we are looking at $980m /year in profits.

Looking back to the previous quarterly, we had production of 85,748oz, and a market cap of $1.25B


So with more than twice the gold expected to be produced per year, coupled with increases gold production at Duketon and Tropicana (throughput and grade), a possible increase of more than $500/oz in margins from POG increases, more reserves to be proved up, and decreasing hedges over the next 2 years, I think a market cap of $6B is realistic, and $8B is possible given the right circumstances, which would get us towards that $10 share price.

Again, your thoughts and corrections are welcomed.