Ann: Quarterly Activities Report, page-6

Not the greatest in terms of gold production and cash costs. However a number of mines being brought into operation.

At first glance guidance for the next qtr of 43,000 @ cash cost of sales 0f $1,200 appears below expectation.

However if this is extrapolated out over 12 months EBITDA is about $1.80 share using WACC of 10%.

What is a little concerning to me is the high rates of depreciation and amortisation which drag net profit down to about .25 share. This is only a worry if it is reflective of future capital expenditure commitments. I think a big proportion are one off items.

I noted in the financials some $130 mill of tax losses on a restricted utilisation basis. Perhaps no income tax payments to the ATO for a few years.

Think the copper is daft unless they are expecting to have own commercial resource. Perhaps Rover but not much info on that.

DYOR IMO etc