Ann: Non-Renounceable Pro-Rata Entitlement Issuer Prospectus, page-33

It's noted in the prospectus that first year of developing mining and treating Smarts underground there will be a net loss, year 2 and 3 will be very profitable then on current ore reserves year 4 still brings in a profit but ore is exhausted


But that provides a decent amount of time and cash flow to prove up more ore reserves in the smarts underground, I imagine doubling LOM for smarts under ground is quite realistic and that could provide $80m net cashflow over 5 years.

There is also a potential underground mine a Hicks Deeps, just wishful thinking but there is the possibility of a continuation of gold bearing ore right along the Smarts/Hicks shear at depth