Ann: Half Year Financial Results Summary, page-15

Based on H1 results the market is placing a 12 month forward PE of 10 on the stock. Consider the following, Sugar Zone was up until March 23 processing form a poorly defined ore body at 4.5g head grade at approx. 260,000tpa resulting in 35koza at an atrocious +$3k AISC. Enter 90k definition drilling campaign. What value is the forward looking market (and our dear leaders) placing on the reset ore body with potential head grades upwards of 7g/t, mill processing facility at 400,000tpa (1,100tpd capacity now permitted for 1,500tpd) producing upwards of 80koz/a at a substantially lower AISC? Let's take a conservative figure and assume $2,400 AISC at current pog we're talking about notional future operational cash-flow to the tune of, conservatively $50M per annum.

I still hold out hope that the independent report on this deal is ruled to be unfair and unreasonable as it stands and something far more reasonable is tabled.