Quarterly, page-10

UBS valuation 17 cents.

"AGO achieved positive operating cash flow of A$13.7m due to the reduction of final product inventory levels at mine and port of A$24m. Another positive is that AGO has also lowered its FY 15 capex guidance to $69m from $94m prev. With today's result we are less concerned about AGO's cash burn given the revised all-in cash breakeven of US$66/dmt cfr. However this is very sensitive to FX and in particular freight, which has lowered AGO's all in cash breakeven price by ~US$6/t. AGO reported cash of A$169m at 31 Dec 14 (UBSe A$164m) and had a Term Loan B facility of US$270m which was fully drawn and other finance facilities available to AGO of A$87m (A$10m drawn)."