Q2 is going to be the game changer here and should awaken the market. The hedgebook is now finished, the term loan repaid, ravenswood payments due soonish and inventory levels should be high given the works done into the pushback at Mako and the plant shutdown at Syama in Q1.
So I think at current spot prices sitting around US$2,350/oz you could easily be looking at 90koz @ US$1,000/oz margins in Q2 for US$90m or A$130m PLUS A$50m of Ravenswood monies. There’s A$180m or thereabouts.. maybe A$150m of cash post NCI. I hope this new found balance sheet strength allows them to go more aggressively at exploration and the phase 2 study works.
Ravenswood, page-44
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