may be a good buying opportunity, page-4

hi loki.

It ADU runs quickly on any hype then it is a short term trade.

If it quietly goes up then it's going to be long trade.

Hedging is really no big deal as it spans of 5 and half years. Certainly wouldn't worry AngloGold.

Tax rate 25%, current cash position, low cost profile. There is a lot to like about this one.

EV Resource multiple of $136/oz vs peer group av of $193/oz

I think any bid of around $1.10 could nab it.