Lots of very interesting information in here, but I thought I...

Lots of very interesting information in here, but I thought I would focus on the bull case.

Scenario Analysis – Expanded Project
In the context of the Company confirming the broader prospectivity of the Project and to gain a better understanding of its potential value, we have evaluated a bull case scenario that envisages an expanded plant (1.5x that of our base case) and gold production of 100koz p.a. over 10 years. This implies a mineable resource of ca. 1Moz which is within the limits of our estimated exploration target. Table 8 summarise our bull case scenario for the Rothsay Gold Mine. It can be seen that substantial value is unlocked in the Project under an expanded production scenario. Our un-risked, DCF valuation generates a post-tax NPV8 of A$187.3m or A$1.21/share (assuming 155.3m ordinary shares). The plant expansion contemplated in our bull case scenario is fully funded by cashflow generated by the base case scenario and generates EBITDA of A$76.7m and FCF of A$39.8m at full production (TCLe).