No point looking back in anger, and definitely not if your buying today. Compared with the market cap of say an Ora Banda or any near or existing producer, on a look forward basis DCN is excellent value based on the market cap and production ozs. Pricing is the issue and that is near term resolved once the hedge writers have had their fill at the shareholders expense, but they did put up the money (when it was obvious that the A$ gold price was on a tear....good work if you can get it). There is not much in the XGD that really compares to DCN. There is an obvious discount/dark cloud of yester-year in terms of sentiment. If you believe LJ will do a replay of Deflector from a mining and operational perspective, then based on what is being presented, I'd say we are 25% there and post the 3Q, the $1800/oz hedges wound have been torched, which is an immediate $200/oz margin upside for the Dec qtr and beyond. This is not MOY, it is great resource, with plenty more to be found circa the CIL plant, it just needed to be managed properly and in my view LJ & (the new C level team) is the guy to do it. Show this chart again in 12 months from now.
