Recent Gold M&A in Australia - Big Premiums on Acquisitions, page-311

Another acquisition of oz's in the ground by a hungry mill today, been at least a dozen over the past 12 months.

The others were around $150 oz, this current one works out at around $88, mainly i guess due to size and probably really stranded deposits.

GMD bgt 2 deposits off KIN...hosting 610,000 Jorc oz's ( 15.7mt @ 1.2g/t) for $53m in cash & shares.
($15m in cash & 21.9m shares valued at $38.5m)

1 deposit was for 202Koz and needed to be trucked10km to its mill, the other deposit of 408Koz needed to be trucked to another mill 60km away

Point is, the grade a lot lower than our Minyari of 1.6 g/t and alot smaller than our 1.8moz, plus Telfer is a very very Hungry Elephant.

Even without an upgrade at Minyari, (which will happen).

1.8moz at $88 gives a cash hit of $ 158m = 3 times our market cap and no value for all our other assets

but really, going on its nearology to Telfer and its importance to Telfer i think it would go for more like the $150 at a minimum, have seen this in alot of examples this year.

1.8moz at $150 gives a cash hit of $270m = 5 times our current m.cap and no value for all our other assets.

Not sure how this will play out, but it does not pass the pub or sniff test where our market cap resides today.

Something will give, and i'm guessing it will surprise most.

Our market cap might have diminished at the moment , but that gold and its worth has not.

Anyway, something to hang our hats on, until more results can be tabled.