Ann: Quarterly Report March 2013 , page-26

their NPAT and hence PE ratios are grossly misleading as they do not expense any drilling despite much of their activity (see all of their Co-O drilling updates) does not return economic grades and or widths of mineralisation. it also seems strange to me that despite a quoted US$70m capex expansion cost for Co-O their cash position is so tight: started the expansion in FY'12 with $102m in cash and bullion, will have produced 130koz @ $270/oz cash costs if they only do 70koz; thus $130+m of EBITDA....current cash of $8.9m?!!?!?

Also love how they managed to sell all of their produced gold last Q before the price fell. Amazing!