Apex, unlike a handful of other miners, do not include capital development costs in their cost of production. They never have. They see it as an investment in capital. Hence, capitol expenditure underground makes a huge dent in the balance sheet.
I would prefer to see it included in the production cost calculations. Without development of ore bodies, there is no production. All that underground infrastructure isn't worth anything if there isn't an economic ore body at the end of it.
With every quarterly, do your own sums to find out what the actual cost of production is.
AXM Price at posting:
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