Updated Valuation and SWOT - RSG, page-52

Hi again,

My scaling factor was arbitrarily chosen as 1000 for simplicity and my intention was to use the AISC to scale the annual production. The factor is meant to be constant, which allows for comparability, although as Eshmun pointed out, when it is taken into the context of the actual gold price, it may not be meaningful. 

I intended this metric to be more a starting point in dividing the various producers by category and then use it as a comparison measure more than an absolute metric. The metric is measuring against a square oz because I would like there to be a nonlinear effect of the AISC on gold produced as higher cost miners expend more cash and attract steeper discounts, and vice versa.

The ranges I use for valuation is adjustable according to the prevailing environment as well as the company's specific factors. It is not as scientific or rigorous as the attention placed on it but it could be a good starting point to develop a more rigorous measure.