Ann: 31 March 2018 Quarterly Reports, page-3

75,998t @ 1.83g/T is 139,076 grams or about 4905 ounces...not 4471 ounces. So the net payment per ounce is less than you calculated. However, it is meaningless to compare this to C1 costs. The payment from AngloGold Ashanti is "after processing costs" and hence already has a portion of the C1 costs deducted.

The presentation is clear in explaining that the net margin between average gold price and AISC for the quarter was a shade over $500 per ounce. Bottom line: the trial mine made money last quarter. At a rate pretty close to plan.

All IMO.