Undervaluation, page-8

Hopefully getting some benefit from falling value of PHP from 46.5 to 50.0P to USD in the last three months, as it certainly needs it given fall in POG of $200 - high ASIC should start to fall as from January but quarterly report next month and half yearly result in Feb won't be pretty - might even see more impairments given current market cap of $96mil whereas net assets are currently valued at more than double that at $234mil. Expecting much lower cash at Dec than Sept's $20mil - they need everything to go right in next six months - so no earthquakes or cyclones or Duterte madness or POG under $1000.