Ann: Sydney Resources Conference Presentation , page-3

With opex of >400 / ounce of gold for Hera, we will still make lots of profits, especially if we do some serious hedging at the next gold upswing.

Makes it easy for our CEO to show a really good investment case: market cap of ~50 mio, with op profit in phase one (50,000 ounces) of 20-30 mio /year alone, with the project being fully funded for phase 2 (100,000 ounces).

My only nits to pick:

- 5 mio cash? Didn't they draw down some funds from the Glencore loan already?

- again no mention of the CoCu prospect, only Federation. Seems to imply they want to concentrate drilling on Nymagee + Federation, leaving CoCu for later ... (but they should still mention it imO)