what is that 12 million volume, page-9

10

You get 10 out of 10 for that post.

Where would PRU find $450m to take over ADU at $1/share?

With the higher POG, I think the takeover price has probably lifted to $1.20-$1.40/share.

The higher POG has also made ADU's sulphur complexed gold more attractive. They seem to have plenty of that stuff in the gound - perhaps another 2-3 million ounces ($3.6 billion to $5.4 billion IGV).

ADU is now pretty much financially derisked and just needs to build up some cash reserves to get an expansion off the ground, in addition to proving up gold in its Liberian tenements. It would be great to see them expand to 200k ounce pa and have all that extra production unhedged.

I would not be surprised to see ADU at around $1.20 by the end of this year.

Of course GFC2 could change everything.

loki