## ext -cash cow / burnakura money tree! ##, page-9

Further to my post on the 30th Nov, I have updated some figures on current spot price of gold. Perhaps one of the reasons we saw 23m trade hands today and be the 4th highest traded stock on the market. St Barbara was no. 1 today, probably for the same reasons (analysts looking at the effect of the gold price on these "smaller" gold producers) . Here is an update on the figures (where I have made changes based on current Au price and the USD/AUS exchange rate of 1.33 (0.75 US cents) and Spot Gold of $524 USD an oz:

I worked out that over the next 12-18mths, that EXT will profit (EBIT) about $8m to $8.225m based on the reserves. Envelope stuff: 27,500oz (50% of 55,000oz) at $699AUD oz. Based on $400AUD costs (including royalties , etc), thats $299AUD an oz for EBIT.

The reserves have been stated by the company as being much higher than 55,000oz, but I am being conservative here. Simply allowing for the following years in its mine life.

Shares on issue is 550m now but will get to 700m with the performance shares going to Coronet for the pouring of gold and other achievements.

So Earnings Per Share (EPS) would be $8.2255m / 700,000,000
= 1.175c

Price of 3.5c currently

P/E = Price / EPS

= 2.98

If share Price was say 11c, then P/E would be 9.4

I know mining stocks are not valued this way (some people still like it though), but seems reasonable for fundamentals doesn't it ???

Then you have the uranium side with Husab that hopefully will show that sit on a bit of the stuff at $35.25USD a pound (yes another new high again)

I hold, and will continue to do so ! Have a good one, and remember the Aeorgard !