I like VonRico's approach to analysis on the value of the...

I like VonRico's approach to analysis on the value of the assets.

Ironbark - 100,000oz @ A$2,000 clear per ounce = A$200million

At a 0.70 exchange rate US$3,000 gold is well over A$4,000 an ounce. Von Rico's analysis has the costs per ounce all inclusive at not more than A$1,500-$2,000. That gives us over A$2,000 clear per ounce.

That A$200million at a discount rate of 10%pa over ten years, from my dodgy calculations, gives a present value of around A$70+ million.

On that basis, which is making some fairly conservative assumptions, AP is correct.