a simple equation

CC sits down in March next year to budget FY13.

He conservatively estimates 120k ounces p/a, POG say $1,750, COP $550(margin $1,200). Net $144m. Set aside $44m for discovery, corp cost, product upgrades, etc. At a worse case we hold $100m. Remembering by this time we are pretty much debt and hedge free.

So at a conservative x10 multiple our mkt cap is $1b. Or SP of $1.15-$1.20. Pretty much double where we sit today...

p.s. These are not blue sky assumptions- much are fact based and conservative, with POG the main variable - consensus would suggest a $1,750 assumption in 6mths time is also conservative.

Lift SP lift....