Ann: Half Year Financial Results and Accounts, page-7

Looks to be a very impressive turnaround and well above forecasts with reported 1H/23 EPS of US4.12cps v.US -2.2cps for 1H/22, however there has been large adjustments made to the hollow log of "Fair value movements and unrealised treasury transactions" of +US$37.924m for 1H/23 v. -US$35.44m in 1H/22 that probably should be taken into account to 'normalise' the NPAT over these periods.

If you take these non operational factors out the P&L, the normalised NPAT would be US.01cps for 1H/22 and US2.33cps for 1H/23. Looking at the CY23 guidance (and assuming no more large non op. adjustments) the outlook is for steady production of 350koz and ASIC of US$1,480, so all things being equal, I'd expect the reported CY23 EPS to come in around US6.5cps, or A10cps, giving us a P/E of x3.4 at today's shareprice. Lots of scope for a rerating IMHO but DYOR...GLTAH!