Ann: Bankable Feasibility Study Update, page-37

I don't have any major concerns around the BFS results. We know a lot of the key information from the previous study.

I've put together a little NPV model using previous numbers and some slightly conservative assumptions. I've assumed A$30M in spend before production, 800koz total production, A$1667 gold price (US$1250 @ 75 cents), AISC A$1200 (avg over stage 1 and 2).

One thing that I'm unclear on is that in there previous economic studies they said their AISC was 'including capital'. That suggests it already includes the mill refurbishment. That would be 'Total cost per oz' not AISC.

Anyway if you assume mill refurbishment is not included in the AISC numbers then the NPV (7%) is A$165M, IRR is 96%, payback <12 Months. If they deliver these numbers (and I'm not sure why they won't), then I expect the market will take notice.