Ann: Press Release - March Quarter Report , page-6

It's definitely an interesting company. They've invested serious money into the plant - but now just need to find more ounces/grade.

Other than Gora and some more plant there's really not much capes to spend for the next few years. (can't remember the exact number but its in one of their presentations/webcasts).

The all in costs are not fantastic but are probably comparable to most of the other mid-tier players when you work out what the true costs are (not just the reported numbers). But the upside here is if they find ounces there's definite plant capacity - and given the realtively short mine life this adds materially to NPV.

They just need to get through the next 6 months or so and then have a little luck with exploration and this thing will look a lot more attractive (as long as gold price holds up). There may also be some underground potential - I think studies are in progress.

This one flys under the radar a lot - not a lot of volume most days - but with a market cap of c.$200m, c.200oz production, a massive plant, no hedge book, minimal debt and total costs comparable to peers there's enough there to be an interesting proposition.