low grades, page-21

No longer a believer.

The $35m is a big ouch. I guess the price of plants has gone up in this market given pog.

At 9c per share and with $35m to spend KMC is well overvalued now, IMO.

Compare NAV with EV of $45m ( $7m cash). The difference is NAV has a plant now producing 2.5 mtpa. NAV should produce 80k oz next 12 months then 100k oz then 120k oz - with rapidly falling costs. Which would you rather own? NAV also has Leonora. NAV is worth 2-3x KMC but KMC @9c ps is valued at more than NAV @.025 cps - allowing for $35m still needed by KMC. Whoops.