Ann: Commercial production declared & expansion studies commence, page-109

The following table is sourced from its 10 June 22 announcement. The FCF is estimated to be $254m pa average for the first 5 years (before tax) based on a POG of $A2,500.

POG has been more than $1k higher since March or an average over the last 3 months of about $3,500 (maybe a bit higher).

At the costs in the table the additional FCF before tax is $200m pa or about $450m pa or a FCF yield of 20% on POG $A3,500 - even if costs are circa 25% higher the FCF yield is about 17.5%. These are amazing FCF yields compared to other gold producers eg GOR, EMR, CMM, RED, etc

SLR and RMS currently have yields at these levels but not for 5 years into the future like BGL - both SLR and RMS have production issue 3 years or so into the future - RMS has a 3 year sugar hit from Penny West but then the yield will fall a lot.