buy rating reaffirmed 31/7, page-8

"Given the guidance for December quarter of 35,000 ounces, lets assume this financial year they achieve 130,000 ounces produced."

and that should be conservative as they will still be ramping up towards 50,000oz/qtr over the following qtrs.

Then they are looking at the potential of expanding further to treat high grade ore from Bananghilig so 200,000oz/yr is not the end game. We may be looking at 250,000oz or more per year from Co-O.