[MEDIA] Analyst Comment:   The Scoping Study has provided a...

Analyst Comment:   The Scoping Study has provided a strong platform for the future development of the Mt Bundy project, with the highlights including low AISC of $1,050 (LOM) as well as the relatively low initial capex of $155m for a project of this size (3Mtpa processing facility).  

We however believe there are a number of areas that could potentially improve when the PFS is released later this year.  This includes increasing the processing facility’s throughput, operating and capital costs reductions, as well as increased gold recoveries (different processing technologies eg: resins).

The success of the upcoming drill program at the Rustlers Roost and Quest 29 deposits, which is the first drill program at these deposits for more than 20 years, will be central to these potential improvements. We look forward to this program commencing during May 2017.

The information in this email should not be the only trigger for your investment decision. We strongly recommend you seek professional financial advice whenever making financial investment decisions. 

Valuation:  We have updated our valuation for Primary to $0.35 / share (price – $0.07/share) .  Further information regarding our valuation and analysis can be accessed by clicking on the link below.