That The way I got my $115 million is by suggesting a repeat of...

That

The way I got my $115 million is by suggesting a repeat of last quarter at Peak is likely..that is reduced throughput and therefore cash flow. I also allowed a couple of mil for extra exploration, decline development at Peak Deeps, work on the mining plan for Peak Deeps and further studies of Nymagee and Great Cobar. I also am working on a rough basis of $25 million (about what the company has estimated) to refurbish the Peak Mill, and knowing some large items may require partial payments, and some progress work may be occuring, I deducted roughly $8 million. I did this because the work should be completed by the end of the year..so I allowed roughly 3 quarters of time...so I spread the $25 mil over the first 3 quarters of this calendar year. I think without the deductions I've made, we could have been estimating a similar figure...of course Hera could outperform depending on the intervals mined, and the very strong metal prices will give us a boost. I've also played the conservative card in predicting $115 mil in the bank, though I would be quite happy to have underestimated of course, and even more so if Goldbull is correct and I'm way off.
Lastly when we estimate a share price on P/E ratios, we should not forget the considerable assets in two modern mills, the substantial resource currently in excess of 10 million tonnes and rising, and in excess of $100 million in cash hanging around. I'm not sure how many companies on the ASX have over $100 million in cash in the bank. Maybe if we were rated on cash alone we would be in the top 10. That's a comforting thought.