Latest Canaccord Report - $0.95 target, page-45

1. You seem to have conflated a selective mix of 2016 with 2017 figures.
2. The initial AISC figure includes of course a short term one-off upfront cost already factored in.
3. You seem to have discounted the remaining hedged AUD price ( hedging mechanisms of BLK remaining after the very profitable partial cashout of the initial production hedge).
4. The Cannacord report imo seems conservative at $0.95 and yet is clearly based on cautious assumptions.
5. Of course the Cannacord report also does not mention some other important issues such as the potential of T/O or the scope or number of potential bidders for a gold producer in the mid-size segment, and the fact that BLK has a very modest number of issued shares and a share register that would seem to be getting tighter after selling by some impatient retail share investors.