I chose 180,000 oz because it is close to what they were...

I chose 180,000 oz because it is close to what they were previously doing and because it makes the maths easier when there are 180 million shares. Even assuming 90,000 oz pa, gold at AUD1,800 per oz and cost of AUD1,000 per oz gives 40 cents per share before tax. Allowing 10 cents for ongoing exploration (ie AUD18 million pa) leaves 30 cents and taking off 30% for tax still leaves 20 cents per share after exploration costs and tax. That is why it seems to me that, upon resuming processing, the share price of FML will have a dollar sign in front of the numbers instead of the word cents behind the numbers. Plus, ASX gold producers have already had their share prices run up so, apart from the purely speculative ones which are only hoping to find gold, FML looks good to me. Of my four ingredients for a successful investor, I find the fourth (patience in between buying and selling) the most difficult. Owning shares is the opposite of riding a roller coaster: you get thrills on the way up, not on the way down! The beauty of Hot Copper is that you can put your views out there and get some feedback.