Thirstydog, a very quick comparison with a small producer,...

Thirstydog, a very quick comparison with a small producer, Focus, FML, who have recently announced production of 21,900 ounces at their Coolgardie operations, at a cash cost of $550 per oz.

FML have an mcap of $182m at the recent sp of 6.4c, with $20m in cash and bullion on hand. EXM has a similar amount of shares as FML, so given current market valuations, we would be at 6c easily if we were at the start of producing say 20,000 ounces in a quarter, and at an estimated cash cost of half that of FML (much higher grade at Juno).

Once we were swinging into higher production, then 10c and beyond would be within reach. That is at current POG, which is almost at your 18 month target of US$1250 now. I would assume the POG could easily be twice that by then.

Also, you would really actually have to take in the cost of money needed to be raised to get into production, either by equity, debt or JV, any of which would dilute the amount earned per share, but even if that were the equivalent of producing say 60,000 ounces per year (out of the projected 100,000) it would still be a good figure at at least AUD1000 per ounce margin.