Ann: Share Purchase Plan Offer Document Despatch, page-10

Market sentiment has changed and gold stocks are out of favour at present. Yes, one could argue that the CAI price should come down in tandem with the gold price but it’s been overdone imho.

Even at the current price of gold and the hedging they’ve undertaken, my calculated NPV per share (including the new shares and outstanding options) based off projected discounted cashflows is significantly north of the current share price.

The share price has done well this year although the market continues to underprice it to me. Still good upside with minimal risk from here.