Ann: Activity Report Quarter Ended 30 Jun 2018 & Guidance Update, page-2

great result in hedging 15,500 tonnes at 9,009/tonne (4.08 / pound)

one thing i'm not getting regarding the C1 cash cost of 220 for the quarter. how come it includes deferred mining adjustment of 42c? That is deferred mining is allocated back from the balance sheet so what does it have to do with cash cost.

Taking off the 42c and adding in the royalties of 13 I estimated operating cash flow of $19M for the quarter, but I don't have much confidence in that number.

If Steven McClure returned calls, i'd probably ask him.

Have a look at page 25 of the 2017 AR where C1 costs are described as $US1.65-1.80 excluding the reallocation of deferred mining costs...........and this would be more reflective of cash costs. Of course you also need to allow for inventory build-up which has gone from 0.5m tonnes (worth $7m) to 2.3m tonnes (worth over $30m ?) in the last 6 months.
A quick analysis of 2017 (page 22 of AR) shows revenue of $127.1m and total cash costs of $110.9m (after a credit of $15.9m for pre-strip and deferral). In 2018 revenue is already $96.9m which shows the extent of the likely turnaround in cash flow.
The half year result will make it easier to forecast the cash flow for 2018 but it will be substantial.

If you don't get a call back from the MD then try some of the staff at HGO.