Ann: Change in substantial holding, page-83

Regarding (potential) t/o offers:

Back of envelope working
No Debt, AISC $1000USD/oz (overestimate on projections), PoG 1800USD/oz

800USD net x 200,000oz/yr = $160mil/yr
Conservative PE of 5 = 800mil USD
= 1.16 billion AUD

SP target of $1.07.
MR update and potential upside of PoG not included.

I see first offer in at $1.00 to $1.10

Won't be happy w anything less that that $1.20 - $1.30 as there needs to be a premium based on the fundamentals of this business and the quality of management.