Why so cheap?, page-49

No I think it should be worth more than that if they hit their production forecasts. We'll have to see what they can do cost wise and ounces. If they could produce 70 koz at ~A$1300 then I would have thought 20 cents is achievable with current gold prices. I would like them to stay unhedged to really capture the upside if $A gold goes up further. They don't have any debt so they probably will stay unhedged.

Still a lot of work to do to hit those numbers so not without risks.

I noticed a line in the broker report that they also have A$20M in tax losses which will help with immediate cash generation in the next year.