Ann: Funding and Operations Update, page-5

Spot on - and then you need to subtract toll treatment costs as well.

There is a long list of companies that have started mining too early and ended up going down the gurgler when things don't work out as hoped, and this looks like joining them. Better to drill a while longer before you commit to feeding it all through the lie detector. As we're seeing here, cash disappears very quickly when you're paying for a mining fleet.