buy rating reaffirmed 31/7, page-11

chuk, agree there is potential for that but i prefer the conservative approach. Don't be surprised if Banghaling is put on hold while they accumulate a new cash buffer and/or the gold price goes higher.

Agree that they are ramping up to 50,000 ounces per quarter but given they have missed guidance at every point for last 18 months i'd again prefer to go the conservative route. Although i'm sure we all agree that at current gold price levels even if they produce 150,000 ounces per annum there is substantial upside.