cap cap cap, page-51

Humble

Good point which is why we are discounted so much I guess.

Reserves are 35MT - 7 year mine life @ 5MTPA

This doesn't include Bonnie East - announcement the other day - infill drilling has additional DSO. Infereed resource stands at 8.6MT - Resource Estimate was 12.6MT.

Bonnie east could add another couple of years to mine life.

$100M of cash in June and 9 year mine life of high grade DSO I get roughly these values

Worst case

NPV of project (8%)at $20 Margin - $180M = $1.78

Current

NPV of project (8%) at $60 Margin - $600M = $5.95

So we have a range of $2.70 to $6.95.

Current SP is $2.78.

Risk to upside far outweighs the downside due to cash on hand.

Upside

Takeover
Increase in Production /Mine life (benefication)additional discoveries
Buy Back if SP gets to low
Dividends

Downside

Markets collapse - by back could cushion this effect.

It could also present opportunities due to other companies funding projects.

All IMO Though but as a hedge bet, given the market conditions, it has to be up there.

This is not invetement advice. DYOR

Cheers