Something will snap soon, page-95

40,000 hedged at 1276 AVRP = U$51M revenue
34,000 unhedged sold at spot price say 1330 AVRP = U$45.2M
revenue = U$95.3M on 74k ozpa based on guidance
AISC for Q2 were 1017 lets say 970 for Q3 Q4
expenses = 71M
free cashflow 95.3-71 = U$24.3M = A$31.6M (@77cUS/AUD)
debt $17M (upon new $3M repayment due this month)
Mcap = 39M/31.6M= PER of 1.23! Pathetic!

Even if these expenses were doubled their PER would still be under 4.0 rather than the PER 13.9 industry standard. Annual free cashflow is now almost double the total debt for first time and production is at records and costs are slashed to multiyear lows on my maths.

TRY would be a bargain at 30c let alone 9c. As Macquarie called it in Nov 2016 a target of 45c a research note they have not changed or updated since! Sooner or later some INSTOs will uncover this golden gem with nominal trading volume and ramp it.

Q3 will be a ripper breakout imho.