Dwarves and Middle Earth, page-29

I said the have gone backwards over the last 4 years .
Work out the value of stockpile reduction and add in the debt and you see where that 50m figure came from .
Di - I don't want to argue and I am not even suggesting its not a buy , all I said is it's not worth 25c and before you get excited about cash increasing by 50m value the change in cash and stockpiles Net of debt as a true measure of value creation . See when I was buying at 8.7-11c 18 months ago I valued stockpiles and cash to detrimine value . I do the same today. I also am well aware that cash was inflated at Year end by the 9 m debt and by another 10-12 m as they defferred milll replacement . There is 20 m just there . Stockpile fell by over 220 k ( from memory maybe more ) - there is another 22-24 m aud. So I would say they generated true cash of 10-15m . This year with production issues and current pellet price chalk down a break even at best