Ann: Pause in trading, page-26

Spot on Nordesmic, regarding Finlayson comments. This has Steven Dean (Artemis) post Atlantic Gold sale to SBM written all over it.

To answer your question regarding operating costs, check out slide 11 in the presentation, including haulage cost of $13/t. Appendix J Assumptions, final slide, suggest that long-term +150Koz/yr production target isn't just arm-waving (suggesting Greenflint's spreadsheets will finally happen, just not how he envisaged).

Including in-the-money options, I calculate GMD/DCN cash position just below $180m so EV around $350m fully diluted (less depending how you value Finlayson and Saracen input, e.g. bulk mining opportunity at Jupiter). No debt.

FWIW, I bought in a tad early in June but will accumulate more on weakness/waiting to see how further regional consolidation plays out. If SBM and GMD can strike a deal, we have 5Mtpa processing capacity (including refractory circuit addition) and range of high grade underground, open pit optionality. I see multi-billion dollar potential here with Bardoc/NTM/DCN/GMD/SBM consolidated into one company.