Ann: EVG Updates Financial Forecast for Las Lagun, page-11

re: Ann: EVG Updates Financial Forecast for L... Misleading announcement!

The major error is not to include the 206m 15c options which (if their NPV calcs are accurate) are likely to be exercised. You can't claim on one hand a certain NPV then on the other ignore share dilution effects that a corresponding share price appreciation will have.

Up to 25c there is almost 250m options waiting to be triggered. That's 50% of current shares on issue!

Using the above argument the true NPV/share for the scenarios is (cash from options included) .....

$Au/$Ag
1200/28.....26c (not 31c)
1400/33.....29c (not 36c)

Still attractive numbers but let's stick to facts.