SAU = Watch this space

10,000 ounces hedged at $1560. there fore still making a $260 margin. = $2,600,000
Massive upside, remembering that base scenario is little over 50,000 ounces and looking like we will excessed in excess of 62,000 ounces on Cannon open pit.
Mining ahead of schedule.
Recovery rate average = 92%
AIC is $1030
Current Aussie Gold price = $1730 & slowly climbing.
Just on projected cash flow from Cannon at current prices and accounting for added ounces of 11,000 ounces = $21,700,000
That does not keep into account the very real possibility that even more ounces are added or Recovery rates improving.
Current SP $0.32, taking this model based on this model our SP should be closer to $0.60.

Drillings at Monument began yesterday, 12 holes, 10 RC, 2 Diamond, looking like it can be at least 20,000 ounces +
Massive potential with Underground under cannon and beyond, that is were the real money is.
My understanding is that negotiations are ongoing and no doubt, management will be looking for the most feasible deal available to the company.
Management have flagged Cash return to share holders in the near term.
ongoing div policy if financial metrics remain solid.


Current SP $0.32
Cheep as chips.


Watch this space