Ann: Quarterly Activities Report, page-17

Morning all.

very good result. The not so good; we’re the delay with SCN JV and finding nothing in a small drill program. I was hoping they’d find a bit more of the high grade stuff close to current resource, but that’s not to be.

as to valuation. It continues to track pretty much what that poster who lived through previous bottom of cycle told us. They will trade at 0.5 - 1.5 x cash. We seem to be around 1.1 now. Hopefully we can lift to the top of that range, so $150m or so, would be our Max,

the only way it will go any higher is from exploration success with the JV that enables more high grade tons. That’s some way off now. Or a clever acquisition. But it sounded like that was on the back burner from previous announcements.
but management are excellent. I’m sure if a bargain opportunity arises, they will move on it.

happy holding for the nice divs.

cheers,

ned