Ann: Pennys Find Gold Mine -High Gold Grades in Fourth Campaign, page-19

Well spent enough time fiddling with numbers shame ERL was NOT a bit more informative.
My calculations indicate a profit but thats just based on very rubbery published numbers.
Would not go far to financing Underground Costs yet to be defined in the FDS though

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	ERL Announcements	tonnes		g/t	ounces
1
2	23rd Sept 2017 ignore	21710	2.38		1500	Lakewood
3	up to 30/11/17 ignore		2.83		200	Burbank
4	up to 30/11/17 ignore	21239			576	Burbank
5	up to 30/11/17 Total 1st Campaign??	21194	3.6		2289	Lakewood
6	2nd Campaign	34659	4.07		4200	Lakewood
7	3rd Campaign 28/02/18	26057	6.03	157,124	5044	Lakewood
8	4th Campaign	11258	7.06	73000	2343	Lakewood
9	ESTIMATE balance 4th Campaign	18000	7.06	127080	4079	Lakewood
10						Total Sales
11	1st Campaign probably Total is ???	21194	3.6		17955	30,487,996
12
13	ERL Announcements
14	Published ERL 31/12/17 Interim Report Dec borrowings JV Blue Cap		5,663,176
15	Other loans					277,927
16	Director loans					339,159
17	Blue Cap facility agreement Feb2018 extension to 28th April		600,000
18	Blue Cap facility agreement extn to 15th May		No costs indicated Esti	600,000
19	Surface Mining Expenses 6mths ending 31/12/17		6,829,321
20	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
21					Ave
22	Assume ave-mthly costs continued until pit bottom May	5	1,138,220	5,691,101
23	ESITMATED approx Costs to end of May 2018				15,471,363