Yaqona et al....I'm interested in your thinking on how HGO will...

Yaqona et al....I'm interested in your thinking on how HGO will handle Kanmantoo from this point.

I'm thinking they will offer 49% of the project for about $80M which means HGO will need to kick in another $20M or thereabouts to get it going.

Their half share should generate about $40-$50M EBITDA pa

Take out the tax and EPS is about 7cps

Applying a reasonable EPS multiple this alone should see SP north of 60c and they should have capacity to pay a nice little dividend each year.

I could be miles out with my calcs so DYOR

AB