Ann: Hillgrove Resources 2016 Annual Report, page-2

I really like this bit of the Chairman's report:

At the end of 2016 this represented 94% of the cash outlay required to complete the cutback. It should be noted that guidance of C1 cash costs includes this attributable past expenditure, which is often overlooked when looking at cash requirements.

I had been incorrectly assuming that the costs of the cutback would continue at the same burn rate until completion in June / July ie about $14m in 2017 whereas it looks like it will be closer to $4m to $5m. A nice $10m saving which is not bad considering the current market cap !

Also it highlights that the C1 guidance for 2017 includes the non cash amortisation of the the previous cutback spend. Does anybody have any idea what that would be worth ? I got a quick back of the envelope calculation of $0.25 / lb but I am not sure on this one.