Agree...
A few points on where a fundamental re-rate is going to come from.
- Surging POG therefore better margins
- Cowal plant upgrade. First full produciton will be Q4.
- Mungari, with the purchase of 19.9% of TBR. I expect extra ore feed coming to Mungari soon.
- Mt Rawdon will hopefully be back in the groove for Q4 after crusher shutdown last quarter. Ore feed is coming from the north end of the pit which is of higher grade in Q4.
- Earnest Henry is on track to come in above production guidance and this is the mine that we will see the best new reserves improvement.
Possible issues:
- Cracow mill grade was down 16% and we are mining narrower stopes.
- Mt Carlton flat production. Let's hope that doesnt go the other way.
- Not sure we will see anything on the M&A front ...JK have always been counter cyclical on that one. Not sure if there is a gold mine trading at a discount at the moment other than AMI with that massive 50% slide.
June 2019 Quarterly report due in four weeks time, page-4
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