ann: trial mining update, page-15

I think we are currently at too low a valuation, after allowing for the fall in POG, thanks to the gold sector sentiment and now being in the peak of tax loss selling time. Based on that we should be forming a low now assuming POG doesn't go much lower.
I think the sp in the next few years will depend much more on POG, AUD, trial mine results and exploration success (around OP and regional) than any current estimate on forward PE.
However my numbers give me confidence that I am in a sound company assuming trial mine results come in around in line with the more conservative expectations.
Wild card upside once bank balance builds might also come from an opportunistic acquisition of any one of hundreds of cash strapped juniors trading at micro cap status- Or possibly an offer for us by a mid cap with a healthy enough balance sheet.