"Also, they sold 207000 oz at 31.80 = about $6.6M. How come there is only $5.9M in the receipt from product sales line?"
This is probably a timing difference from when the product was sold, and when the cash was received.The company accounts for sales on an accrual basis, but the ASX requires a cash report. So debtors should have increased by about $700k over the quarter.
"Does cash flow positive operations mean sales greater than production only cost?"
Yes. A legitimate, if misleading, thing to say, but quite correct under the ASX rules. For all we know they may have an extra $1.1m of creditors sitting in the accounts, which, taking the extra $700k of debtors, would give an operating loss on a real accounts basis.
"Next quarter they are forecasting $4.649M income as "net proceeds from sales".... can't quite see where the extra $4.3M is going to come from ..."
Nor me. To justify that they would have to have had an amazing October - why don't they tell us the October production figure in this report? It is out late enough. CCU did (not surprisingly, as production to 30th October was a smidgin under double September production). Then an equally amazing November, because December is only half a month.
Dreamin' !!
A well written report, but the figures don't stack up.
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