WHERE DO YOU SEE THIS GOING?, page-27

Glad you liked the spreadsheets. They do seem to indicate that in the present price environment HGO has the potential to deliver substantial returns to shareholders.

Looking at the KTDD205 Intersections if plant capacity wasn't a restriction then processing a multiple of 74 t of 2.21% as opposed to the same multiple of 170t of 0.96% mining the low grades would have to be about $50/t cheaper than mining the high grades to achieve the same NPAT which seems like a big ask.

Even if that is possible and plant capacities are considered, which they should be of course, mining 2.5mt of high grade as opposed to 3.6mt of low-grade is about 60% more profitable.

I would say stick with the high grades if we can discover enough of them.



The Maybach S680 is quite a handsome beast.

I have had the opportunity to borrow a RR Wraith for a couple of days. That is an amazing car but not much fun to drive. I've also owned an S 63 coupe which the reviewers say is much sportier than the S class cars. Based on those experiences I've never been tempted to test drive a Maybach. I only kept the S63 for six months before trading it on a Porsche Panamerra Turbo because that is a much better drivers car. I'm inclined to think anyone looking for a car with the Maybach class of comfort should check out the Bentley which has a racing heritage and which is now built on a Panamera platform. I have to say though that while I was tempted to buy a Bentley while I was waiting for my G63 I'm glad I didn't. The level of comfort and performance and the exhilarating driving experience that the new G delivers would make a Bentley a bit of kit I walked past to get in the G wagon. Much better off having a lot more HGO shares.

If HGO goes as well as it could then we will all have stress issues trying to figure out what to spend the loot on.

A nice position to be in.