Ann: Icon Comment on Australian Financial Review , page-5

re: Ann: Icon Comment on Australian Financial... Probably the best thing to look at is the AGM presentation, however I believe there is still plenty of room for upside here and remember this was done before the JORC upgrade. So the figures from the AGM are probably on the conservative side.

Production EBITDA CAPEX Minelife


Tailings 50t/mth $2-4M $2M 2yrs

Mineralised Stockpiles 100t/mth $8-10M $50M 6-8yrs

Hardrock 200t/mth >$30M $5M 10-15yrs


Total expenses -- $60M give or take
Total Earnings before ITDA -- $352M-$538M

Even after expense and taxes and what not, you are sitting close to $150M-$300M IMO with plenty of upside and expansion to come.