Core value, page-2

Correct Autosime, what I think is also important to point out is that this net liquid asset value (whichever way we choose to define it; I look at NCAV but the idea is the same) does not just cover more than 100% of current market cap but it is also highly likely to be on an upward path, at today’s IO prices and production costs; in other words, the company should currently be profitable enough to significantly increase this core value into the next quarter. No guarantee that US$ IO will stay at its current levels, obviously, but both the lower production costs and the higher level of the AU$ (which gives more room for depreciation in the event of lower US$ IO prices) are now acting as safety buffers. Best IO play on the ASX right now IMHO.