Ann: Announces Q2 2017 Operating and Financial Results, page-5

Hi @nordesmic

How do those cashflow differentials work. When I did maths, if you add a positive number to a negative number you should get a less negative number?

I looked at the feasibility a few weeks back and what struck me was the low IRR of the project. From memory about 19%. Bit hard to value by conventional means. Your style of market comparison might work better once they are producing at name plate capacity. Then they have the additional development projects which will cost more but also add more to the production profile. Market will start valuing it on scale and the cashflow may or may not come later as per the plan. Cart before the horse stuff, particularly if the gold price kicks up. The 720,000oz on the ROM will probably distort the mining costs for a while making things harder to figure out from the conventional perspective. In the past the stock has responded well to moves in the gold price but it's a slightly different beast now it has debt. Esh