Good morning Sir Gold is 14% above spot case (using AUD gold...

Good morning Sir

Gold is 14% above spot case (using AUD gold prices) and Cu is about 16% above spot case. So small reduction on costs and 14% increase on receivables. NPV should be circa A$500 for a post tax NPV7. Trading around 4% of NPV. Use a 10 or 12% discount and it's probably still <10% of NPV.

They need to do some work though, do some drilling and move more ounces into the mine plan so we can push that even further. Now is the time to start drilling again as capital re-enters sector and ounces should actually get valued more than $ for $ the cost of defining them (ala finally value accretive again)