Mostly flagged per their guidance. Cash at $118m, with 23k & 26k...

Mostly flagged per their guidance.

Cash at $118m, with 23k & 26k ounces to finish the FY. I'd expect $155-165m in cash. (napkin math 49k oz x $2100/oz margin = ~$100m, minus $25m exp - $30m development)...

MC $660m - $160m cash +$20m debt. $520 EV.

Knocked up a quick comp chart based on EV/CF multiples.

Looks like a lot of upside even at current production but if it can fill the mill with HG ore and get to 200k its a screaming buy.

	4300
1			FY26	FY26	FY26	Fy28
2			Euroz	Canaccord	Consensus	200k
3	Prod		126	109	117.5	200
4	Rev '$m		542	469	505	860
5	AISC		2198	2115	2156.5	1900
6	Cost '$m		-277	-231	-253	-380
7	EBITDA '$m		265	238	252	480
8	- Capex '$m		30	82	56	80
9	- Exp '$m		25	25	25	25
10	Cashflow '$m		210	131	171	375
11
12	Multiple	6	1,259	787	1,025	2,250
13		8	1,679	1,049	1,367	3,000
14		10	2,099	1,312	1,709	3,750
15	EV
16	520	6	142%	51%	97%	333%
17		8	223%	102%	163%	477%
18		10	304%	152%	229%	621%