In the announcement they gave us the fully loaded cost of $1106...

In the announcement they gave us the fully loaded cost of $1106 per ounce which means that after deducting admin, capital and interest costs they still made a profit before tax of $10m for the quarter.

If they continue at that rate ( and given they tax is likely to be nil with the brought forward loss from last year) then we are looking at NPAT of $40m for the year and EPS of 5.8c (assuming all in the money options are converted as todays price).

Trading on 4x current year earnings and with lots of upside potential from either increasing gold price, reducing costs or increasing production (or all three), I would say these shares are a buy at current prices - and have put my money where my mouth is.