OBK, assuming that your extraction costs are about right, taking the upper figure of $700 US which is nearly $800 AUS then at the current POG $980 we get a figure of $180 AUS for each oz. EXM has a jorc resource of 500,000 oz approx at Tennant Creek, so this gives us $90m AUS which divided by 1.377 billion shares equates at 6.5c per share. If we increase the resource 4 fold to 2m oz then the sp goes up to 26c. Sounds like a lot, but I wouldn't be displeased.
This is an extrememly hasty calculation that is probably missing some essential factor, so add in whatever else is needed to adjust this figure, but I think we are still undervalued at this point in time.
when gold hits 875, page-16
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