quarterlies

Quarterly is impressive. Can someone tell me how a company MAKING $16Mil profit per quarter has only a $150Mil market cap, or 2.3x p/e ratio, with $32Mil in bank?

Paddington Gold Mine
Production 41,586 oz; average price A$1,344/oz
Sept Qtr cash operating cost of A$951/oz

Moved into large, base load open cut mines
- Navajo Chief: pre-stripping continued
- Janet Ivy: mining re-commenced
- Waldon: mining completed
Reserve & Resource Statement updated:
- Ore Reserve: 19.9Mt at 1.89 g/t
containing 1.2Moz gold
- Mineral Resource: 88.8Mt at 1.95 g/t containing
5.5Moz gold.
Company

Unhedged gold producer after completion of
Lehman?s hedge settlement
Strong cash position - $32.8M cash at bank
- Paid $25M to redeem Convertible Notes
& $10M to Lehman?s for hedge settlement
Partial redemption and conversion of the
Convertible Notes, reducing debt by $38M
Appointment of permanent Chairman, MD &
CFO.