Ann: Quarterly Activities Report, page-59

The latest metrics for MOY now place it around the same level as BLK. Just glad I sold down at 13.5c in August but disappointed of course that management were less than forthcoming on actual progress in that quarter. The need to borrow yet more was shocking.

	Code	EV (M$)	Production (Koz)	12 mth Hedging (Koz)	12 mth Hedging ($M)	Reserves (Koz)	EV/Prod p.a. ($/oz)	EV/Reserves ($/oz)	Resources + Reserves (Koz)	EV/Rsrce $/oz	Gross operating earnings (M$)	EV/Gross operating earnings	EBDITDA	Total Shares	Share Price (cents)	Market Cap (M$)	Net Cash / (Debt)	Total Debt (M$)	Total Cash & Equivalents (M$)	AISC (A$)	Spot Margin
1	MOY	75	80	24	10	375	941	201	1,159	65.0	46	1.7		891,186,531	5.7	51	24.5	27.5	3.0	1410	$640
2	BLK	55	75			1,381	738	40	6,381	8.7	30	1.8		4,407,242,583	1.2	53	2.5	9.6	7.1	1650	$400

Spot price set at $2050/oz