phone call, page-12

FBX, I didn't we would achieve your call of 55 cents when you posted that earlier today, but very happy to see a close at 56.5, volume over 1M shares and buyers outnumbering sellers - something we haven't seen for a while.

I think $1billion market cap is very realistic.

Being a little conservative, if you said 125,000 oz per annum at a margin of $800 gives a profit of $100 million. With more than 10 years production identified and as they announced, big scope for increasing that, a P/E of 10 once actual production and cash costs confirmed. Add to that the potential to do it all again at Cape Three Points.

Should be a great year for NMG.

For those interested in a bit of extra leverage, consider NMGOA options, low volume but offset by long expiry at July 13 (disclosure: I hold NMGOA and not NMG as in my opinion better leverage with minimal additional risk for longer term holder).