Ann: Proposed issue of Securities - CAI, page-43

@Samawatu

I humbly agree with D&C figures and I also like to keep it as simple as possible.

I have done my figures on 110k oz (updated for blue spec) x $1000 margin = 110mil less tax @30% = 77mil free cash flow (note no tax in yr 1 due to asset write off but also no depreciation factored in so this is cash flow not profit after tax).

Using D&C multiple of 7 you come out with roughly the same Val. IMHO if POG stays subdued multiple will be more like 5 but if gold gets a run on, it could be 10+ particularly if people believe LOM will be increased like I do.

Best to all.