Ann: Drilling Commences at Highly Prospective Twin Hills Project, page-30

Sentiment is a funny thing. Rewind 18 months and gold stocks were going for $100/oz in ground. Now they are lucky to trade at half that.

We have seen cost pressures, there is no getting around that. Moving forward AISC probably going to be more like $1,500-$1,600 than the $1,200 of old. BUT if we go to $3,700 we are still talking A$2k margins.

Would trading at $150/oz be unreasonable, a mere 7.5% of margins? I don't think so, leaves plenty of juice for capex and discount rates.

We will hit 2Moz in the short term - on the way to 2.5Moz+

So $300m MC should come.

510m shares + c. 100m oppies. Sell WD and no more dilution this year outside that. So lets call it just north of 600m shares.

Once the pip flippers finish and the sentiment tide turns I'll see you at 50c amigo