Ann: Appendix 5B Cash Flow Report, page-5

With total resources of 4.4Moz and using latest quarterly cash figure with today's closing SP, I get an EV to Resource of $7.5/oz. Once you deduct the Mineral Hill resources, you might as well say that Misima resources are being considered to be without value. The DFS for Misima was a shocker and the forthcoming updated DFS is unlikely to be any better with the increase in costs generally and so there really is a big question mark over the economics of Misima without a substantial increase in the POG, recognising that they used US$1800/oz for gold in the existing DFS. Clearly that is the market opinion.
They will be doing very well to find a partner for Misima in the current economic climate, given the location.
Probably Mineral Hill can save the company, notwithstanding the criticism on HC when they bought it but is Misima worth trying to save?