nice profit report, page-6

Webspyda,

Gold. Yes the recently overlooked facet of IGO.

Why shouldn't Tropicana grow and grow, they only got up to speed with their massive (freecarried) drilling exercise recently. Looking at Ashanti reports a few months ago, it looked like their standout up and coming new project. I think the ultimate size of this is going to take a lot of people by suprise.

By my estimates yesterday IGO had shrunk to the stage where cash+investments(MRX/AGO)+Tropicana was 50% of cap. That made the nickel company look very cheap imo. [I was ignoring any value in franking credits, and valuing Tropicana at $120mm].

So the nickel coy has hedging. At current forward curve a dint in future NPAT of approx A$50mm. Big deal. Even adjusting for this and on todays close gives an EV of approx A$400 mm. Less than for ALB or AGM that are not yet in production, and don't have Chris Bonwick.

In todays QR I liked the nickel production. A refreshing change to overperform to that extent two quarters running. Hope they similiarly exceed budgets throughout 07/08. Looking at the development of McLeay shoot 1 as a non-geologist I was impressed. This company simply oozes class, whatever Daredevil says.

EL