The problem is that the figures for the quarterly are already out there and the costs will be up not down.
They produced 80,065 oz in Dec Quarter vs 88,818 oz in Sep Quarter. The cost base looks like it will be relatively unchanged based on the ore milled numbers. The grade at Moolart Well was down significantly.
If we assume the same total production costs the cash costs per oz pre-royalty will be A$826 in Dec Qtr vs A$745 in Sep Qtr or 11% more. AISC probably A$1100 vs A$1000
I don't disagree that the share price might still go up in a rising A$ gold price environment, although it is down 5% in the last 2 weeks vs 20% up for a lot of the sector.
Ann: Change in substantial holding, page-5
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