Ann: Independent Investment Research Report Released, page-10

thanks for the link..

dont know how we all missed that one

i wrapped myself on the knuckles for it check out the previous ones Rob has done with proactive investors too [ and see the progression of the story]

Theta Hill even only 300koz high grade open cut with a AIC of $1000 thats $300+ free cashflow at current Au prices [ and i think the AIC will be must lower than that USD ]

so thats 90 mil at least - which is plenty to payback for the plant refurb and all the work needed to start Rietfontein [ or dual start / get some capital to fund raise the rest with a decent LVR etc ]


from the January 2018 investor pres talking about the open cut page 5 :-

"
Project Bentley –The Open Cut Game Changer

• High grade (10‐20g/t Au in some areas) open‐cut targets
• Short distance from existing CIL plant
• Target oxide, CIL amenable resources where possible
• High grade feed could dramatically change the production profile (potential to mine Rietfontein and open cuts simultaneously)
• Potential to lower overall cost profile

"

and the scoping study came in at AISC US$578/oz and was for the underground Rietfontein..

so add $200 more for AIC? $300?

and then the open cut is going to be cheaper - its a km or a couple away from the CIL plant , its high grade , very near surface, labour isnt expensive there etc etc

I could easily see the AIC coming in around $700USD but conservatively saying $1000/oz until we get more and more pricings / costings etc


with what seems like many many more open cuts to be found by the length of the valley and all the work Phil Bentley did all those years ago - good to see them and bill all there onsite - pity it wasnt an hour long chat with the guys - but 7 and a half minutes was good

well done management - ticketing the boxes , step by step

just my initial thoughts and back of an envelope calculations...

please correct me where i may be wrong / need tweaking / other ideas etc

its the 21st of march now... looking forward to the first of the Diamond Drill assays coming by "late march" - happy times