THE 4 MILLION OUNCE BET, page-6043

In terms of a basic buyout scenario it would now be 4.3moz x $100oz = $430m. Divide by 67% = $288m or SP $.38ish.

However, there is no way profit on 4.3moz, 3.8g/t with gold at USD$1800 would be AUD$100. More likely AUD$200 which would give a MC of $576m and SP .76c.

Interesting to see in the upcoming BFS whether WWI decide to stay at 60,000-70,000 oz production per year. If so, that would mean they are going for low capex which would likely mean ASIC of lower than $1000, more like 800/900 which would leave greater profits. Otherwise, if they go for the higher production/higher capex this will be covered by financing.

Hopefully the BFS will also discuss how much more gold is in the ground. Unlikely to ever get to the 12moz+ due to the change in JORC measuring, but they should provide a plan for dredging/pumping out the water in the rest of the mine to enable future exploration.