Can someone help me understand where the money goes?
Based on the September Quarterly Report
My interpretation:
Last quarter ASIC $1344
SLR have 126,000 ozs hedged at $1703 to be delivered over next 32 months
Equals 52,000 ozs a year at $1703 = $88,556,000
Guidance 135 to 140,000 ozs – use 140,000ozs
Current gold price $1676 – use $1660 for 88, 0000 ozs = $146,080,000
Total =234,636,000
ASIC = $188,160,000
Therefore after ASIC, cash left over should be $46,476,000
Costs after ASIC
Exploration $12,000,000
Admin $5,000,000? (not sure if admin is accounted for in ASIC)
Capital Works $10,000,000 (rubbery figures)
Remaining $19,000,000
Yes that Capital Works figure is definitely very rubbery. They spent $4.3mil on project expenditure in Q1 incl $3mil on Cock-Eyed Bob and they'll be spending another $5mil there in Q2 and then there's Aldiss and Belchers in H2 and then as somebody else pointed out their AISC figures are rubbery as they reduce it by at least $100 each quarter for inventory movements - dodgy when it seems to be every quarter - so they're increasing the asset but reducing AISC for what are cash-out payments.
I'd be using a figure of at least $25mil for project expenditure for FY18 that's not included in AISC.
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