Ann: Quarterly Activities Report, page-29

Value is looking compelling here.

Dargues has delivered just under 20k oz for the half at around 1800 / oz. Guidance has been maintained so we should see improved production at a much lower AIsc.

Peak and Hera are going along ok, with Federation still expanding. I also am starting to think they should be able to fund Great Cobar and Federation with cash flow + debt, as opposed to needing to dilute which was a concern for me previously.

As others have pointed the current EV could arguably be justified by Federation alone, so effectively getting everything as a bonus is pretty compelling in my mind