Trapeze Asset Management Q2 Letter: The Only Game In Town

production to exceed 100,000 oz. per year with Holt growing and the Taylor mine likely also contributing. St Andrew should deliver respectable cash earnings in 2014 and much more attractive figures next year—about $25 million. With a market cap, net of $20 million of cash, of only $88 million, the market’s appraisal appears too low.

Lower...