According to the last presentations, Hera alone will produce...

According to the last presentations, Hera alone will produce 50.000 ounces of gold equialent / year.
At operational profits of $ 700-1000 / ounce, that's at minimum an operational cash flow of 35 million per year. A mere two years of production (2014+2015) thus equal enough cahs to pay back BOTH convertible note facilities (yes, there will be some overhead and further drilling, but we still got 9 mio cahs on hand for that) ...

Since we already have financing for the Nymagee plant from Glencore, the only way we could not pay back the 20c convertible note five years from now (January 2018), is horrible problems getting Hera up and running within 3-4 years. Realistically, we will start to produce in Q1 2014 and will be at full (50') production in Q2 2014.

Oh, and Nymagee has this nice feature called shallow copper, that's worth > 2 years of production. It can be mined in very simple ways with very few additional hassle, as the Hera plant will be built in a way to accomodate the Nymagee ore. The biggest hurdle there will likely be the EIS, or rather the time the NSW gov needs to decide on it ...

Which is why I consider it likely that by mid 2015 we will add Nymagee shallow ore, getting close to the 100.000 ounces indicated for phase II. In the meantime, we will have finished drilling + permitting Nymagee deeps. Once the shallow copper runs out, we'll be ready to add Nymagee deeps copper ore to remain at 100'.
Then, 2018 or maybe even sooner, we'll expand (Federation and CoCu prospects; maybe even ZEUS if deeper drilling finds something worthwile).

And then there are all the other projects we got on our list ...