Ann: Tietto Produces 11,191oz Au in August & Updated H2 Guidance, page-85

Caigen was perhaps somewhat of an over enthusiastic spruiker, who maybe got caught dreaming a bit too often, and as a result got drowned in subjectivity rather than objectivity.

One of the best things he did was pass the baton on to someone as experienced as Matt and his team, though I expect even they are a little surprised at what they've found in the ground compared to the resource model they were probably first shown.

Good on Matt for bringing some reality back to the picture, and for sticking with it. If he brings this through, then he deserves all the financial rewards he should get.

The figures are beginning to look good, at approximately 170,000 ounces a year for the first 7 years, with AISC at around US$1,000. If gold can hold above US$1,900 oz then profits here should be good, and confidence may return, though it may take a couple of years to prove these things to the market, thanks to the unrealistic expectations set early on. It should then be looking at a market cap of $900m or more, and a stock price of 85 cents and greater, possibly as much as up to $1.20 in 3 years time if gold climbs to US$2,200 or thereabouts.

It's a waiting game now, testing everyone's patience, and with the hope that Matt and his team can turn this around. I wish them all the best, and have confidence it can eventually be done.

Gw