gap filled, page-7

Agree that this could be a multi-bagger no doubt. It would be even if it just returns to levels 18 months ago when it was in the teens, and back then it had promise to be a multi-bagger from those levels which is where we could have been today. Now that scenario seems quite distant.

So taking from pg 47 of the accounts, the NPV of the project assessed by the company is c.US$110m. Assuming this is the NPV to equity holders, ie after debt repayments etc., this gives 1) c.US$0.14 per share using today's number of shares (c.770m shares); or 2) c.US$0.12c per share if we assume some sort of dilution from an equity raise (c.900m shares). This ignores a lot of other things that could be moving, but just a very simplistic view.

This means that even if everything goes as planned/hoped (pulling off the long-awaited and longed for success), we'd be back to around where we were 18 months ago. It is undeniable that significant value has been lost (not just delayed) from delays, inefficient recoveries, unplanned capex for fixes, additional funding required as debt/equity and associated dilution, etc. and we'd be glad to get our money back in a couple of years if you had invested 18 months ago.

Additional upsides from that will be gold price, and although no one will be pricing this in any time soon until the plant fixes are confirmed, extension of project life from additional feeds.