shorter plays, page-20

mmmmgus.

Production numbers i have used is what they have been trying to achieve for the last couple of years.

I think it is best to focus on achieving the stated production target, everything else will fall into line.

Looking at the most recent presentation I was light on the targeted production.

Assuming 90koz is achieved, PLA at 85% = 76,500oz. Based on this number being on target to be achieved, my value would be $0.21 not $0.18.

Basket USD$1,214

Basket at Smokey= Pt at 45%; pd at 45%; Au at 1%; rh at 9%

Smokey Cost USD$450 (this was a number i was using from older presentations, not sure if it is still achievable)

What concerns me is older presentations always noted "cash costs" the latest presentations refers to "cash margin". I really don't like the tweeking of reporting styles here, suggests costs is now in the vincinity of $750/oz (I could be reading this wrong but I am uncomfortable all the same)

With regards to Panton I assign no value unless Pt is above $2,000/oz and remains there.