not happy jan, page-24

We don't know the actual AISC for TBR/RND but they have no financing costs and the admin runs on the smell of an oily rag.

NST's AISC for Kundana last quarter where $898 so if similar we are running at a margin of $844/oz. At top of guidance of 110,000 ozs that's $92.8 million per year for TBR/RND. Not bad for companies with market caps of $175million and $90 million respectively.

Now that Pegasus is starting to get more bedded down those cost could in theory drop as well, not to mention the advantages from lower fuel costs and wages that will be filtering through.

Eshmun