The market cap is $135m, less stake in PNR of $19.5m equals...

The market cap is $135m, less stake in PNR of $19.5m equals $115.5m

Assuming they can average the 108k oz production at a cash margin of, say, $900 per oz then their 54k oz share would generate cash income before admin, exploration, growth capex etc of $48.6m p.a. This assumes gold price around today’s levels and their AISC not above 1300/oz. lots to be achieved but it does show that at these levels the stock is POTENTIALLy very cheap. It will come down to execution. Plus, with significant exploration drilling activity in train there will be potentially some good news flow . Dacian isn’t a bad comparison. They are forecasting slightly higher production but over LOM of 5 years not 7 years and at a higher AISC. They are valued at $300m plus with a lightly geared balance sheet. I would suggest that Tulla looks better value