amazing value , page-11

they actually state 'total costs' in the quarterly on page 2

I crunched some numbers and found that on an annual basis, RSG should be making about 270m after total operating costs including cash costs, depreciation, amort and royalties but not including tax and interest and capital/exploration/expansion requirements

you would expect tax to cut that to about 190m coupled with their exploration initiatives, Resolute should be able to bank 80-120m per annum quite comfortably, however, the expansion of Syama at 240m will further eat into that over the next 30 months or so

overall, if we give RSG a P/E close to the average, of about 12 and given we would expect npat to come in around 100m, RSG's MC should be closer to 1.2bn excluding any cash/debt held which at the present I think is net cash of 140m

I've got a SP target of about $2 and that requires the POG to be at 1600/oz and the aud/usd to be around 1.01

obviously in 12-24 months when the extra gold production comes from Syama that will increase and as the POG heads back toward 2,000/oz which I think will happen, then the $2 quickly becomes $3 or $4.

so, at $1.34, I'm a very happy buyer of RSG and the company also thinks so, which makes me an even happier buyer at these levels