Ann: FY 2017 Results Presentation, page-75

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Hevlet

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23/03/18

15:26

Post #: 31984027
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Originally posted by Hevlet ↑

I think people are missing some of the relevant information in these results (either naively or doing so deliberately due to certain vested interests).

Personally of interest is anything that shows how the most recent activities are going.

In a start phase of a mining operation there is always going to costs or finance charges or other matters that cloud the waters and what we really want to know as investors is whats happening now on the ground...

For me the take away figure has been:

The receivable and prepayment figure of $17,748,000 which is noted as 'predominantly related to December shipments'

&

EBITDA Margin of 32% on Mt Cattlin operating performances.

Lets for a moment annualise the Month of December 2017 figures and we have (obviously an estimate) of

- $17,748,000 x 12 = $212,976,000 mil x 32% current EBITDA Margin of 32% = $68,152 Annualised EBITDA based on December 17 performance.

Current market cap is (ballpark) $1,376,000,000 / $68,152,000 = approx 20 times the current annualised (and my therefore forcasted) EBITDA from Mount Cattlin.

There is still blue sky upside from offtakes etc for Sal de Vida or James Bay or simply an increase in the margins / metal prices etc.

And don't forget DEBT FREE.

A lot of the other stuff is all accounting.

Keep a focus on the business - not the accounting adjustments like amortisation (which is a paper cost only!) from the General Mining acquisition or tax effect from losses etc. Yes there will be adjustments and there will be problems and costs but its all the normal course of the game.

All IMHO of course - DIY Research etc.

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And my figures for Dec 17 are only based on the 'uncollected' December 17 shipments in the receivables figure taken from page 9 of the presentation. (I don't actually know the payments terms - I haven't check for that yet - would any shipments for December already be paid for by 31 Dec 17?).

GXY Price at posting: $3.27 Sentiment: Buy Disclosure: Held
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Ann: FY 2017 Results Presentation, page-75

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