sp, page-5

mtm

not sure about ALK but i think you've summed it up nicely re YTC.

i did some fairly rough calcs based on the Hera BFS study numbers (i.e. using the BFS production volumes and recoveries) but updating the figures for the current (slightly lower) AUD gold, zinc and lead prices. I reckon the current market cap is probably about right based only on the Hera project when using the BFS reserve and grades (which I believe are still the most recent?). I came to a pre-tax operating profit of $88M which covers just the existing 1.875M tonnes Hera reserve using the stated BFS costs but the current metals prices as well as assuming a $75M loan is fully paid back (principal & interest @ 10% p.a.) over a 4 year period from Jan 2015 to Dec CY 2018.

I suspect the $88M pre-tax profit would have minimal tax associated with it after depreciation, interest payments etc were taken into account so the NPAT would not be too different? Not sure about that, happy to be corrected by an accountant! If so, my calculated $88M profit figure probably justifies the existing $75M market cap but includes little premium (maybe no premium?) for any new Hera reserves and/or potential Nymagee profits (if they find the elusive gravity highs!).