Ann: Presentation on December 2015 Half Year Report and webcast, page-3

Hi all,

Below is table from a recent Canaccord Genuity (CG) broker report that a friend kindly posted on the BDR forum last week.


Note CG's target price for SBM is $2.45 (i.e. prior to the very positive HY results and presentation

Market cap currently A$836m (vs CG's immediate target of $1.2b).

Based on and @365koz production at an AISC of $1025 (mid point of guidance range) for FY16, SBM should generate at least $210 million in net operating margin based on an average sale price of A$1600 (YTD average spot price is currently A$1618 and rising).

Conservatively, SBM should be able to maintain it current cash balance of $100 million and repay over two thirds of it's debt in $A this year. But either a stronger $A (reducing the debt repayments in $A) or > A$1650 average spot price improving FY16 financial performance should see the company being practically debt free by this time next year. What a turnaround story that would be