psv will survive and prosper, page-8

An historian's account of PSV would be interesting reading. Go back a few years when they raised $100M or so to develop Fosterville with apparently no debt required - reality was two trips to the ANZ well and a convertible note. Again we are back looking down the well and hearing talk of another capital raising.

The open pits were supposed to provide the cheap ounces to repay capital and provide a firm footing to go underground - Fosterville has chewed through the easy ounces and it will only get harder.

Stawell, in its current guise, has been running for more than 25 years and is a well run u/ground mine but it is more than 1km deep. Pushing the decline deeper and additional capital development costs will kill any incremental ounces that might be found.

How much upside will be left assuming that the ANZ, the convertible note holders and an ugly hedge book have been taken care of?