how to value a junior gold, page-178

Kinko Hyo I'm not sure were you got NQM figures from mate obviously not from their Dec 08 Half Year Report.Cheers

NORTH QUEENSLAND METALS LIMITED ACN 115 279 653
AND CONTROLLED ENTITIES
APPENDIX 4D (Listing Rule 4.2A.3)
HALF-YEAR REPORT
For the half-year ended 31 December 2008
RESULTS FOR ANNOUNCEMENT TO THE MARKET
(All comparisons to half-year ended 31 December 2007)

Results of Operations
For the half year the Company reported a net profit after tax of $6,379,359, a robust result only
12 months after acquiring the Pajingo gold mine.
Recent high Australian gold prices provided NQM with strong revenue for the half year of almost
$20 million. Increased gold production of 17,975 ounces (NQM share), combined with a focus on cost
minimisation, resulted in a gross margin for the group of 33%.
This solid performance is also reflected in the cashflow from operating activities of $5.7 million. The
generation of this cash allowed the company to self fund the exploration of other tenements at both
Pajingo and the Herberton region. Overall cash increased by $2.7 million resulting in a balance of
$5.3 million at 31 Dec 08, with $4.1 million of this being used as a guarantee for the statutory
environmental bond.
Net profit before tax was $4.7 million. A tax credit of $1.7 million resulted from the recognition of carried
forward tax losses of $3.1 million and gave a net profit after tax of $6.4 million.
The balance sheet of NQM continues to strengthen with total assets of $49 million and total liabilities of
$9.8 million. NQM remains unencumbered by debt or finance obligations.