Ann: Change of Director's Interest Notice, page-13

The problem with the oz based gold stories is the shear cost of labour, materials, red tape, small grade, power, isolation costs, endless hidden taxes etc etc etc.
I think the market has worked out that large low grade plays here won't be coming out of the ground. Costs are around $1100 per oz for many gold producers as it is. This is why companies like SIR, SFR and RTG will win. They actually have the grade to make a real profit (when govts dont try and tax it more).
The moment someone tries to buy a company like NST, the stock price will explode and everyone will want a lot more money for the company.
PIR was bought for approx $120 per oz in the ground by B2 with another $400m needed in capex. It all has a lot to do with mine life as well. RTG already exceeds 10 years. My own back of the envelop numbers suggest RTG can make its market cap pa in stage 2 already. This is like trading on a forward pe of about 1 when stage 2 kicks in. It has to rerate in due course, because the numbers wont lie imo . dyor