Ann: Sumba Epithermal Gold System , page-10

Yaqona et al....I'm interested in your thinking on how HGO will handle Kanmantoo from this point.

I'm thinking they will offer 49% of the project for about $80M which means HGO will need to kick in another $20M or thereabouts to get it going.

Their half share should generate about $40-$50M EBITDA pa

Take out the tax and EPS is about 7cps

Applying a reasonable EPS multiple this alone should see SP north of 60c and they should have capacity to pay a nice little dividend each year.

I could be miles out with my calcs so DYOR

AB