future growth and company value estimate, page-2

$70M of your $100M EBIT is from tailings retreatment. Maybe, but let's see it a successful operation first. Tailings can be badly behaved with full scale retreatment not measuring up to the pilot scale tests. Even half of the $70M would be most acceptable and anything over a bonus.

The early returns from the tailings throughput should see a big share price re-rating if they are on track.

Overall the future looks very bright. I have high hopes for the new Fossey East zone, it looks a winner to me (and I am a geologist).