Pegasus Gold Production Record, page-6

Zongo1,

You are right about that. I'm going to lay a few numbers down.

This May the EKJV produced 21,618oz of gold (and 4,146oz of silver). Tribune's share is 7,962oz.

According to NST they are giving FY2015 guidance of 100,000-110,000oz at AISC of A$800 - A$850/oz (51% share).

If the JV meets bottom of guidance then the monthly attributable ozs to Tribune will be 6,125 oz per month or (73,500 oz per year) at a margin of between $650 and $700/oz if the gold price averages AUD $1,500 over the year.

OK that is approximately $49.6 million dollars per year (clear to Tribune before development, exploration and administration costs). OK using the last quarterly figures of $3.5 million per quarter for the above costs as a guide, lets subtract $15 million to cover these nuisances.

That gives $34.6 million for FY2015 in the pocket.

But here is the kicker for the numbskulls.

With about 50 million shares on issue that's 69.2 cents per share per year that our shares will be increasing in value as we move forward if conditions don't change.

Our shares are basically backed by cash and gold at the moment so in 5 years we could expect our shares to be worth $7.31 based on the above calculation. This $7.31 figure values the shares 5 years in the future at their minimum cash and gold backing and doesn't take into account any increase in value for possible future increases in ore reserves or the value of Ghana or any other factors which are normally attributable to gold stocks to give them a value based on a multiplier of their profits.

The market doesn't get any stupider than this IMO Zongo.

Lucky we aren't stupid mate.

Eshmun