Ann: Maiden Resource at Centenary , page-3

Scope this matchbox

Parker Range In Ground Value => 80Kozs x 1,400/oz = 112M

GDA only has 70% of 50Kozs at Buffalo and Spring Hill (read the fine print) and 100% of 30kozs at Centenary

GDA attributable resource is 65Kozs of which say 60% or 40Kozs can be mined economically (narrow lodes = high strip ratio) by open pit and heap leach techniques.

Recoveries of 75% forecast from heap leach = 30Mozs recovered for $42M revenue.

Subtract $24M for OPEX and another $10M for CAPEX leaves 8M net profit.

Discount by 50% because of GDA's development history and another 50% because of GDA's useless board and the project appears fairly valued at around $2M.

2M divided by 65Kozs equates to $30 per oz which is around the average discovery cost of gold in Australia!!