Ann: Tietto Lenders Convert Loan to Equity, page-39

The market cap will get to somewhere between $800m and $1.2B fairly easily in this gold price environment if they are producing 170k ozpa at an AISC of around US$950.

At an average of US$1,900 gold price per ounce, that's revenue for TIE (before tax) of about $325m USD (AUD $520m) per year.

And they own their 8 drill rigs.

What are they going to do with all that money, because in 2 or 3 years they'll literally be drowning in it.

I'd say that because of who owns most of the shares, they'll eventually make a massive one-time return-of-capital dividend to shareholders, maybe something in the order of 30 cents a share.

Katana Asset Management in Cottesloe are smart operators, they don't get things wrong. As they say, this is so undervalued that it's impossible to ignore, regardless of jurisdiction.

Gw