the worm is turning in favour of the upside, page-12

Champ i dont think forward PE is a good valuation as there are soem mid tier producers i have seen taht are trading at 3 * FY13 earnings

Sum of the parst valuation is fine

BUT
1- They should have factored in 100% Mashala deal which woudl have added 3c to the DCF

2 - If you use a DCF for the next two project then the DCF valuation adds another 10c - They clearly state in the report once teh company provides a clear timelien on bringing VALbank and project X to production then we will revalue these projects using a DCF which will SUBSTANTIALLY increase our forecast

3 - Botswana well whatever is Jorced will be valued at 0.026 /T so that could easily add a few cents