Ann: Exploration Update, page-12

Hi folks
I think the mine life may be holding some back , but if it is it’s silly because the current latent value of cash plus inventory plus land means you are buying 5-6 years of mine life with circa 75-90 m pre tax cash flow for about 80m. Now with that cash pile the company has a lot of optionality to invest in growth.
even if the paid out a 12% dividend , it equates to only 20m odd so after 2 years of 12% dividend today’s market cap will be less than the value of cash land and inventory. I think the other projects will extend mine life by 2-3 years beyond.
I also think the simplicity of the mining operation should attract a premium , many other miners extract their product through costly and often expensive methods. IMAs operatinig business is so simple, no risk for grade issues , wall failures , high risk sovereign jurisdictions etc . Simple Australian based highly profitable mining operation
I honestly think the market will wake up when they see the company is net cash by 50m