Big TU for the numbers analysis. Do you think the historic...

Big TU for the numbers analysis. Do you think the historic analysis is correct though for KOTH, given it was sold because it was deemed to be at the end of its productive life?

I was invested in SBM when it was given away and I remember well thinking it was good to be rid of the obligations because the extra work required to keep mining would drop the margin too much. Your chart shows the declining AISC cost in 2015 reflecting end of life so no further mining overheads and processing stockpiles. You should then add that for 2016 and 2017 FY the margin was zero, since the capitalised development costs pushed the AISC up to the price of gold sold.

The only way I see to try and justify the $30M price tag is the exploration results, but I still do not see if it is clear the cost of mining will allow them to be classed reserves? If so it would seem to be a more long term play for someone with cost of development... Of course I would be hopeful if they raise the cash needed and everything goes smoothly, but would be happier for now if I had gotten up to sell close to 5c and then wait and see...