Ann: FY 2010 Annual Report , page-5

If gold goes to AUD2000 per ounce, I think NGF will be worth a lot more than 60c. All they have to do is keep to their stated aim and produce 180,000 ounces at USD900 per ounce and they will have operating cashflow of USD64m at current gold prices. Take off the 7m in overheads and the same again for net financing costs and your looking at USD50m in PBT.

Compare that to current market cap of AUD125m and this company (which has substantial resources) is trading on a very low multiple to cash.

First sign that Andre and Co are sticking to the plan and these shares should be up to 60c straight away.

Here's hoping............................