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comments from an avid supporter.

  1. Timetotrade

    6,910 Posts.
    I found this on another site. It certainly looks good.

    "Definitely got plenty of upside regardless of hedge position. As you noted hedging represents about 50% of reserves but... if you look at the next 4 years the average hedged price they will receive will be about $A598 per ounce, not bad really.
    With reference to the RFC report valuing them at $1.15 I would point out that the cost of capital used for valuation purposes was nearly 12%. I think you would find that most valuations use about 8% (and with the way rates are at the moment 6% is probably not out of the question). Applying an 8% cost of capital increases the NPV to about $1.43 per share.
    I would also point out that the valuation uses a US$312/oz gold price and US$/A$ exchange of 0.60 cents.
    Factor in changes to those and the valuation quickly heads towards $2.00 per share.
    Do your own research and I'm sure you'll find that this is a company that is moving forward (in a big way)."

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