It is a fair comparison based on the current stage of...

It is a fair comparison based on the current stage of development and where NST were when they acquired Paulsen. Hence, my clarification above that it's simply a comparison of the early stages & transition from development to 1.5 years of production.

Not sure where you have plucked the $3,250 POG from so won't be able to provide a constructive response without breaching HC's TOU. However, as you may be aware, the TMH resource isn't going to form part of the Full feasibility, just the open pittable resource, at this stage, it's looking like an aggregate of circa 300 Koz once the final 2 deposits are estimate, so, based on the production output of the plant, that is at least a 8 Year LOM.

Ofcourse, there is the question of what the AISC is going to be and a peer comparison from a peer with a slightly small processing plant and incurred a fair bit more money to relocate and refurbish parts of their current plant, their AISC at the time feasibility was $870. Let's take a slightly conservative benchmark and say ASIC is going to be circa $1000, at the current spot price, you are still looking at a gross margin of circa $1550 AUD/oz & Rising.


It's not unreasonable to expect an average of 30Koz P.A production output averaged over the first 3 years and when you apply the estimated gross margin per oz, you've got a mean operations right there.



The real valuation is in the future projected earning valued in today's dollars once mining recommences.