I can summarise the fundamentals for you to assist in your...

I can summarise the fundamentals for you to assist in your research:

- we currently have 15c of pure cash post tax payments (in fact we currently have closer to 30c of cash but have a tax bill due at the end of Feb, but we will continue to earn interest on it until then).

- we have also continued to produce gold from White Dam in the current quarter, plus have earned interest, so we should have closer to 16c of cash by the end of Dec. White Dam is expected to generate 7m or 2c per share more cash from the existing pit (see AGM presentation)

- White Dam is likely to be extended by 3 months through the mining of Vertigo, which should add another 10,000oz or so of gold production. I expect to hear this confirmed in the next 2 weeks.

- we have more tenements around White Dam that can be explored for more gold. Even if nothing economical is found at current prices, the plant alone is very valuable given it can be relocated

- we have another 1.5c of excess franking credits that can be distributed with future dividends

- we are entitled to a royalty from the Great Australia copper min from CopperChem, which equates to around 25m or 7c per share over the next 3 years at current copper prices. We start receiving that royalty early next year

- we have a high grade copper/gold resource at Mt Colin similar in size to Great Australia and are in advanced negotiations with Xstrata and CopperChem over an outright sale or royalty arrangement. My expectation is that we will see an outright sale to Xstrata in Q1. Value is uncertain, but my guess is it will be similar to Great Australia

- we have advanced exploration in Cloncurry and Hazel Creek and will get some results and a strategy update before the end of the year. My expectation is that we will see some results from Salebury and Tanbah as these are resources that can be sold to nearby plants for short term cash generation.

- we have proven management who are well aware that all anyone has cared about recently is the dividend and who have held back marketing the stock until,the cash has been paid out. The CEO will be in Syd and Melb next week for this purpose.

If all of that is not value for 19.5c, then I am not sure what the definition of "value" is !!!