Ok well let’s have a look at what the recent GGP placing says...

Ok well let’s have a look at what the recent GGP placing says about valuations in the Paterson as that concerns us directly

Based on recent MRE estimates for both GGP and AZY

GGP have 30% of 6.5m ozs of AuEq, so that equals ownership of 1.95m ozs AuEq

AZY have attributable ownership of 3.8m ozs AuEq as per their June presentation, including Minyari, Citadel, Wilki etc

I am aware that GGP expect to prove up a lot more but then AZY have hopes in tha tregard as well

NCM could have bought 5% of Havieron for $60m valuing it at US$1.2Bn, of which GGP owns 30% or US$ 360m, but as we know they declined to do so, saying that they see better uses for their money elsewhere - an interesting statement I would say.

The recent placing brought in 363m additional shares into GGP, making a new total of 4.572Bn shares, so the new investors get 7.94% of GGP for their $35m,valuing GGP as a whole at $441m

For 1.95m ozs that that works out at US$ 226 per oz of AuEq for GGP, effectively for Havieron as they have no ozs anywhere else as yet?

If we were valued at the same level our 3.6m ozs would be worth USD814m, or AUD 1.172Bn

More than 10 times what we are today

When you look at it like that it is entirely conceivable that NCM are getting ready to make a move, they already own 10% of AZY

As always these are fag packet calculations for discussion purposes only, no investment advice intended etc