Fire Up The Furnaces, page-6

They probably are looking for a 1m oz measured, but the question is how far do they want to draw down cash to get there.

They have 4m oz total measured, indicated and inferred. What will be the conversion rate into measured and cash requirement. If they believe they can discover and transition more between categories while using mining to do it, my guess this is what they prefer to do. The key metric will be the sustainable POG.

POG north of AUD 2000 USD 1500 would certainly do it. Maybe they spend another $10m first down to $36m cash on expectation that POG will rise during that time. Meanwhile they are adding more value than they are spending.

Obviously our entry timing was crap, but not their fault. No doubt that sooner or later there will be re-rating in the not too distant future.