sar been downgrade, page-5

130K ounces at approx 600 gross operating cashflow margin throws off CF for year about 78Million using multiplier 5 which assumes repeatable performance year on year with no other changes ( like gold price increase or increased production or recoveries or lower cost of production)implies Ev 390M verses current 260M ( and note they have 31 Million Cash and no debt).

I suspect their approach is be more pessimistic with forecast and overachieve which this market seems to like better than just meeting targets/forecasts.