Ann: Investor Presentation, page-23

Even with an awful quarter, their operations only made a loss of $2m. They are expecting to be cashflow positive this quarter while they ramp up with more water and improved mining practices.

By January, they’ll be at nameplate making 80-90koz per annum at an AISC of $1550-1600. If they can sell their gold for $2450/oz, then they’ll be making $68-81m per annum.

GOR made $21.7m for the last quarter and have an EV of $1bn. Only ALK, CMM, GOR and RMS built cash during the quarter and RMS was only $4.3m and will probably go backwards again this quarter with increased non sustaining capital costs compared with September. They have an EV of $496m at 77c.