Ann: Successful Completion of Cash Management Initiatives, page-8

Copper price is showing more strength over the past few days. $US2.66lb.

Using the last report for Baillieu Holst, with a forecast copper price for 2018 of $US2.57/lb and AUD/USD of 0.72, they have forecast Hillgrove will produce surplus cashflow of $90m in 2018 and a similar level in 2019.

So $180m in surplus cash in 2 years versus a market cap of $18m.

Since the time of the report (12 months ago) HGO has reduced debt and cut costs. AUD is a little stronger than their forecast but Copper and Gold price is also stronger. Would be great to get an update from Baillieu Holst.