$24.5m ebitda quarterly result! great effort!, page-5

Interesting results, and the markets sitting there like a stunned rabbit in the headlights, wondering which way to jump open 24 cents, up to 24.5 cents, back to 23 cents. Holding my shares for now, but management need to realise they need new projects to get a re-rating - just running Frances Creek at a profit doesn't impress, they shoudl have been doing that for the past 3 years.

Theyve been a bit quick giving themselves bonus shares as soon as results go from red to black, before paying shareholders a dividend or getting new projects. When they start delivering shareholders returns they can think about what a great job theyre doing for us. Looking at the unaudited 2010 financial results:

Average sales price = $82.04/t
Average production cost = $62.77/t
Admin = $3.02/t
Net operating cash flow = $15.50/t

So one question for the company if one of the online staffers have an answer why did the chairman tell the NT Times production costs were just over $40/tonne back in May when we are averaging $60/t ? Maybe spent too much time with his boots off at the beach and not enough with them on his feet at the mine.

http://www.ntnews.com.au/article/2010/05/17/147681_nt-business.html

Theres no update on acquisitions, while the past few reports have gone on about business develpoment teams working away evaluating projects - have Noble stopped this work until Territory get the mine producing consistently. As for where the money went before ? Theres a few directors there who are Keirnan carry-overs, we should ask them at the AGM.