Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

Money gets made from sectors that are starved of capital when the tide turns.

Spot price model in the PFS was done at A$3k gold and US$7.9k copper. Current spots are A$3,100 and US$8,500 respectively. Copper 7.5% above assumptions slightly drops AISC towards $1,500. That is US$1k per ounce which is still very good compared to many.

This means at today's spot NPV7 (noting most gold stocks use 5) is A$400m+. We are trading at ~4% of NAV. It's priced for complete and utter failure. DFS stage should trade at something closer to at least 0.2x NAV based on peers and historical norms.

Will we? Who knows. But that's the bet you take buying here.