Broker Coverage, page-13

Yes Access I was looking at taking profits too and decided to wait until we get some exploration results. Nobody goes broke while making profits.

With the market cap now equal to the NPV it would seem a sensible time to take profits but I am awaiting exploration results which hopefully will extend the mine life and utilise the plant more.

The $165m NPV of the Kanmantoo underground stage 1 utilises only 40% of the installed plant capacity and only runs for 45 months and only mines 4.5 Mt of ore.
the NPV will roughly double if we can utilise the full plant
the NPV will roughly double again if we utilise the full plant and double the mine life.

The current exploration program, which has an exploration target of 60-100 Mt, if successful, will blow that NPV out of the water. The next quarter will be interesting.