Ann: Investor Presentation - RRS Gold Coast June 4 to 5, page-3

There's currently a major disconnect between the AUD gold price and Australian based gold explorer/developers, to put it in context, you only have to look at stock charts back in 2011 and see what some of these companies were trading at the last time we made a new high in the AUD gold price. We have now surpassed the previous high and yet almost all explorer/developers are trading at huge discounts,its not only GMD that is lagging.
I put it down to 3 things,
Firstly, A lot of Australian retail investors focus on the USD gold price, even though AUS based companies have revenue and expenses priced in the AUD.
Secondly, I think a lot of investors are expecting the AUD gold price to pull back. With the AUD looking weak, any pull back will be shallow IMO, even if we go back to $1800/oz, operating margins are still very attractive, it was only last Dec everyone was cheering we broke through the $1800 level.
Thirdly, the recent performance of emerging producers has muddied the waters, and has created a lot of doubt in the minds of investors.
Management is Key, not all are equally competent.

When you take into account those 3 factors I think there is still excellent value to be found in the sector, when will the market wake up?