Ann: Annual General Meeting Presentation, page-11

I've ripped the below off the KIN AGM preso and added in EGA

And these EGA numbers are pre the likely two MRE upgrades over the next 3 months.

June 2017 Australian Gold Producer average MC as multiple of NPV = 1.68 = EGA = 0.39

June 2017 Average CAPEX as % of NPV = 69% - EGA = 57%

So EGA has below average CAPEX and a crazy low MC to NPV multiple considering the DFS is due in say 4 months and production around the corner (Q4 2018?)

CMM is clearly cheap, but capex is very high. KIN is similar to EGA (maybe 12 months ahead ) yet has a MC of $55mill, twice that of EGA but still looks good value.

EGA has lots of room to re-rate at some point. Looking forward to the MRE update next week.