Agreed Loki, the repayment of borrowings must be deducted to arrive at the net present value.
The plant will be fully depreciated over the life of this ore body as that will be what GAAP reporting requires.
I did a NPV calculation before the annual report came out based on the latest presentation and think that the shares are worth about 10c - any cap raise will not make difference to the price I don't think.
TC528 is also right that a significant amount of value has been permanently lost through all the mistakes they have made in getting this operation up and running.
As you point out, the only real upside in these shares will come from discovering other sources of ore - I don't even think the POG will help the shares catch a bid.
Mackec
gap filled, page-9
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