Ann: Quarterly Activities and Cashflow Report, page-7

Hey Esh,

great pick up there. That is a material increase in the AISC, I find it a bit poor they don't just own up to it on the front page. 

Does this change your view on the project overall? I realise with the higher AUD gold price right now, the increase in costs is muted, but still?

I only glanced at the quarterly to check their cash balance ($1.2m).

Obviously they have to undertake the capital raising this quarter, which will in turn allow them to meet whatever covenants Mcq require, to then lock in the hedge of 250,000 ounces. 

I still think they need to raise at least $40m. I am sure the brokers are lined up considering how long they have been in this process of actually financing the mine.