exco immediate future, page-6

Come on tewbs, you are being completely misleading here.

Firstly, those outflows of $8m you mention include production costs from WD. So if you are looking at cash outflows, then you need to also factor in cash inflows from the production. If your assumption is that WD won't be extended, then you need to take out the production costs.

Secondly, MGV is a complete greenfields explorer with zero track record. It currently has cash of 15.5m and is spending cash at over 1m per month and indicated it will continue to do so for the next 12 months, which gives it a 12 month life. It is therefore trading at a 3 month discount to its cash because it has found nothing as yet and has no chance of incoming cash flows.

I think we need to compare apples with apples here.