Ann: Quarterly Activities Report, page-3

If they can keep producing (and sell unlike this quarter) 16000 ounces equiv at $US 1900 with cash costs of $US 731 per ounce, that is $18.7 million cash flow per quarter. In a full year that is $US75 million revenue. For a year you deduct depreciation of $15 million and admin etc of $12 million (doubling last half year) plus sustaining capital $8 million (using last quarter annualised). I assume Rawhide is breakeven.

Gives profit before tax of $US 40 million or $A56 million if prices and production are sustained for 4 quarters. If a PE of 3 and virtually no debt is boring I will take it.