Ann: FY 2017 Results Presentation, page-92

Tawana is an awesome company that will do very well, they are in a great position, but fair dinkum a company must make a dollar before you can quote its EBITA. If you were fair dinkum you would say something like TAW has the potential to have double GXY’s current EBITA. But as you know one of the reasons for spinning off tawana’s other resources is so the profits are not all chewed up in developing the next resource amongst other things (potential merger). Much of GXY’s income is used to develop the other resources, but the reports just show overall profits etc. The headline figures do not take into account that those profits are being used to develop resources that that will be much more lucrative than good old Mt Cattlin.