Ann: Ineligible Shareholder Letter, page-10

I have look Annual reports from 2010 to now.
I look up payable cost, They went from high
A$8.50 to just around A$ 5.15 in 2016.
Average production of 9 to 10KT at Savanah.
If they are to be in full production by Jun 2020
at forcast 11KT/annum an AISC of $US.3.50 is
possible. By 3rd quarter 2020, The Ventilation rise will have been completed. Therefore they can concentrate in mining North Savanah alone.
I take my chances now, because PoN is promising
it could potentially sustain A$ 13.00/lb (US$9.00)
over the coming years. Thats a very comfortable Margin. They still to unlock potential recource discoveries around savanah north, these will also
spur price hikes for every announcement in the future .