Ann: Federation Funding and Project Update, page-53

Interesting figures you've quoted Cashmeoutside. Now I recall we were in the ridiculous position of mining Hera at $6000/oz. That would have inflated the AISC enormously. It is obvious the measures taken since Clifford left have reined prices in right across the operations. I'm beginning to think with the money we banked/paid off loans/put towards the performance bonds in March alone, that a mere averaging of the first and second half AISCs will be far too high. I'm picking we'll have the figure for H2 down nearer $1500. If we hedged a reasonable amount of production at $3000, even say hedging 20koz, at $1500 AISC we make $30 million. That's on less than a quarter of the annual production. If that was annualized it translates to $120 million operating profit. We are then talking a different share price entirely.