does the mkt continually overvalue nst, page-41

I was looking for some feedback on my numbers and you used my own posted numbers Main. You need start by looking at the cash flow statement in the accounts. You've confused things a bit. I didn't include exploration in CAPEX. My numbers are all before exploration costs. Exploration and evaluation was an additional $15m outflow in FY13.

I do appreciate your pointing out the presentation stating that the $17.5m is one off. They mention a plant upgrade at least as part of it. I'm slightly dubious about that. They mentioned one offs in the FY12 accounts. Why not in FY13 accounts. I didn't see it there. Anyway, I accept that normalised cash flow was a bit higher than I thought. In that presentation they say Capex (as defined in presentation not accounts so including dev costs) will fall from $44m to $28m in FY14 with 90% sustaining capital. If that guidance is met then I can add $16m to my numbers I guess. Still nothing like the numbers in their cash flow guidance and that was at higher gold prices. And it is still true that no cash flow was generated in the Sept quarter despite exploration being pared back.