Lowest price low since 2015, page-14

Statement about "lowest price since xxxx" could always go lower. If anything it should be taken as a major red flag for catching falling knives. Lets look at it objectively.

General environment in WA mining is rising costs in everything and skill shortage. Vaguely recall in last quarterly call there was a comment cyanide costs have risen 40% or thereabouts significant rise, just an example of rising costs. Don't expect AISC to go decrease significantly, but probably go up this quarter based on general environment. Red flag on costs.

Gold price environment is weak with rising interest rate around the globe. This made worse by the company's gold hedges so far out of the money. Big red flag on revenue.

Duketon North is maturing close to depletion "Resource and Reserve report" (R&R). Gold production from this area is high cost. IMO neutral on adding value or bordering slight loss. Duketon South is depleting but has a good length run way (R&R), main issue here is the new operation in Rosemount UG that is an unknown on performance. In addition the Toohey ore that is metallurgically challenging. Again comes back to ASIC costs. Duketon value to share price is difficult to gauge and dependent on things at Duketon South pans out.

Tropicana is a good spot. Overpaid but that is another issue less relevant at this price. Relatively low cost operations with high confidence in geology. IMO adds $1 value to the share price.

Mcphilamy has a long road ahead. Difficult to determine value as the deposit is stuck in approvals. Add whatever value you see fit to this. But IMO neutral in value.

Company is net ~130m debt. Minus $0.17 to the share price. Sum it up $1 would be a good value.

Corporate. All the suggestion about acquisition should forget about it. The company track record on Tropicana suggest it is a value destruction path. Keeping it simple, company has 3 focus cost control, cost control and more cost control. Maximising profit allows it all the options in the world. Might get lucky and some other company comes along and put up ~$2 offer for the whole company. Hard to see someone paying much more than $2 in this environment.