Ann: Investor Presentation, page-29

Yes they are highly leveraged to exploration success with a very low EV and a lot of cash to go exploring. With a US$2,ooo gold price you’d find that the entire gold complex would rise significantly. Most miners margins would more than double, miners with now small margins could see their margins increasing by many multiples. Most ASX developers would get their projects away and people would be tripping over themselves for decent gold prospects. Even total moose pasture would start getting a look in. If this ever happened you’d want to be liquidating your gold holdings IMO and sitting back on the cash you’ve made. Esh