Ann: Full Year Results 2015, page-61

Hi Discoveryman

For movements in cash you need to focus on the Statement of Cash Flows (page 24 of latest financial report).

ie.
Cash generated by operations = US$64.572m (ie cash from sales less Op costs)
Less Cash invested = -US$60.3m (ie Plant, Development, Exploration)

Therefore resulting Free Cash Flow = US$4.272m

Then add/subtract Finance movements: = -US$3.36m (payment on debt)

Therefore net cash movement = US$0.912m

Then allow for FOREX adjustment
For FY15 this was -US$3.988m

So bottom line movement in cash over FY15 was -US$3.076m

Start of the FY cash was US$13.063m
Less -US$3.076m = US$9.987m

But worth noting that at the end of FY15 they were holding US$4.626m of their refined gold awaiting settlement - which is obviously as good as cash.

To put the above into context you need to consider the prior 3 years of heavy investment into Co-O in order to prepare the mine for higher production in the years ahead. Hence Free Cash Flow has been negative (FY12 ~ -US$24.1m, FY13 ~ -US$4.6m, FY14 ~ -US$24.1m) and there is still a degree of ongoing improvements to the mine (ie additional shaft, ventilation, inter-level access, de-watering, tramming loops, et al).

When all this is completed the results should flow through to improved earnings as non-recurring inward investment shrinks - at least until the next major project at Co-O which will be the sinking of a shaft down to level 16 (ie 400m below the current base of the mine), but that looks to be some years ahead given that all their current reserves lie at Level 8 and above.
CPDLC