production and exploration

The TGZ story is a slow and deliberate build up
There seems to be 3m Oz in the maximized pit, before benefit from other promising finds on ML
The mill is an impressive modern robust plant that would benefit from higher grade ore. But now it's at full upgraded capacity it will comfortably produce about 200,000 Oz pa .
The OJV resources on adjacent ground would go a good way to lifting the feed grade, which is a nice position for TGZ given their effective 7%holding of the JV.
Gora if it can be commenced next year will give good benefits although it looks to be modest in size.
Exploration isn't coming up with elephants inspite of a $20m exploration budget but it is finding gold at a competitive cost per in situ Oz...just not as fast as we had wished!
I consider TGZ to be a well run undervalued company with a really good chance of significant rerating.