Absolutely leaking cash.. down $74m for the half if you take out the CR and the prepay. I’d sure hope the dark days are over but that’s what every mgmt says.
If they can’t make cash in the next quarter at A$1800/oz + then it’s going to be a hard slog. My hope was that they would have that secondary crusher in at MGO by December so they could have one really good quarter before the oppies expire. The fact that crusher has been delayed till August and they keep processing low grade stockpiles at CGO probably means a modest cash earn in March Qtr and the oppies expire June worthless - unless gold goes on a big run.
Highly leveraged - this is a bet on the Au and AUD as mgmt and the mines are very mediocre
Ann: Quarterly Activities Report, page-41
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