Coolgardie PFS Targets

Below is my back of the envelope analysis of the Coolgardie Gold Project using some of the data in the recent FML AGM presentation (and a few of my own assumptions). Will be very happy if the PFS comes in at Case 3 or better in terms of forecast ASIC cost.

GLTAH, and DYOR.

	Coolgardie Gold Project	Units	Case 1	Case 2	Case 3	Case 4	Case 5
1	TMH Mill Capacity (PFS)	tpa	1,400,000	1,400,000	1,400,000	1,400,000	1,400,000
2	% Focus Ore	%	100%	100%	100%	100%	100%
3	Focus OreProcessed	tpa	1,400,000	1,400,000	1,400,000	1,400,000	1,400,000
4	PFS Grade	g/t	2.60	2.60	2.60	2.60	2.60
5	Annual Gold Production	g/year	3,640,000	3,640,000	3,640,000	3,640,000	3,640,000
6	Annual Gold Production	oz/year	117,029	117,029	117,029	117,029	117,029
7	ASIC "All-in" Sustaining Cost	AUD per oz	$1,100.00	$1,200.00	$1,300.00	$1,400.00	$1,500.00
8	Au Price	AUD per oz	$2,500.00	$2,500.00	$2,500.00	$2,500.00	$2,500.00
9	Gross Margin	AUD per oz	$1,400.00	$1,300.00	$1,200.00	$1,100.00	$1,000.00
10	Gross Profit	AUD per annum	$163,840,082	$152,137,219	$140,434,356	$128,731,493	$117,028,630
11	Net Profit after Tax	AUD per annum, say 40% of GP	$65,536,033	$60,854,888	$56,173,743	$51,492,597	$46,811,452
12	Shares on issue		182,748,565	182,748,565	182,748,565	182,748,565	182,748,565
13	EPS	AUD/share	$0.36	$0.33	$0.31	$0.28	$0.26
14	Share Price	AUD, assume PE ratio of 10	$3.59	$3.33	$3.07	$2.82	$2.56
15	Dividend per Share	assume 5% yield	$0.18	$0.17	$0.15	$0.14	$0.13
16
17	Total PFS Resource	oz	718,623
18	Mine Life	years	6.14