Believed I had stated my estimates clearly below (Net Cash is...

Believed I had stated my estimates clearly below (Net Cash is profit pretax)
*JV has reported sales of approx $28m ...................................NOT 9.3m
*31st Dec 2017 10.3m
* 3rd Campaign 8.59m
* 4th Campaign 9.3m
* My spreadsheet currently predicts Sales $28~32M....COS (Loans production) $23.4M
Net Cash 4.6m >8.6m
NOTE these are JV numbers ERL 60% LOSERS 40%
Can try to embed Spd Sht but it is to many columns maybe you can
copy it back to excel good luck

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10
0				Gold Price		Grams/ounces
1				per ounce		0.0321
2
3		Campaign 1~ 3	1692.00	AISC
4		Campaign 4		1745.30	1698
5	ERL Announcements	tonnes	g/t	grams	ounces	Recovered	Esti Sales	Reported Sales
6
7	1st Campaign Oct 2017	21710	2.39	51,886.90	1666	1579	2,818,144
8	3rd Campaign Burbank	28310	2.5	70,775.00	2272	2120	3,844,017
9
10	2nd Campaign Nov/ Dec lakewood	34347	4.02	138,074.94	4432	4138	7,499,292
11	up to 31st Dec Qtr Report	84367	3.09	260,694.03	8368	7837	13,260,204	10,300,000	????
12
13	3rd Campaign 26/03/18 Lakewood	25771	6.55	168,800.05	5418	5061	8,593,578	8,593,578
14	4th Campaign Lake wood	28134	6.68	187,935.12	6033	5520	10,528,902	9,300,000
15
16
17							32,382,684	28,193,578	16,916,147	60% ERL
18
19	ERL Announcements						Est Costs
20	Published ERL 31/12/17 Interim Report Dec borrowings JV Blue Cap			9,438,626	5,663,176	60% ERL
21	Other loans						277,927
22	Director loans	D Sarge	Director				339,159
23	Blue Cap facility agreement Feb2018 extension to 28th April				600,000
24	Blue Cap facility agreement extn to 15th May		No costs indicated Esti		600,000	over stated?
25	ERL Annual Report 30th June 17. The cost of this funding, dependent on the amount of draw down, is pro rata up to a maximum of A$2.3 million payable from free cash flow…….Not sure I understand fully but lets assume	Max Payable	2,300,000	over stated?
26	Published on ASX 1/5/18. The JV agreement with Blue Capital Services Pty Ltd to fund mining costs up to a maximum of A$7.5 million of which $877k is outstanding at quarter end.The JV owes a facility fee for the cost of finance of $4.0 million (These balances relate to 100% of the JV - ERL owns 60%).			4,000,000	over stated?
27	Surface Mining Expenses 6mths ending 31/12/17			6,829,321
28	Assume ave-mthly costs continued until pit bottom May	5	1,138,220		5,691,101
29	ESITMATED approx Costs to end of May 2018					23,246,813	13,948,088	60% ERL
30							Esti Sales	Reported Sales
31				end of May			32,382,684	28,193,578
32				end of May	Estimated COS	-23,246,813	-23,246,813
33				CASH Balance			9,135,871	4,946,765
34