Ann: Quarterly Activities Report, page-36

The output from the sulphide plant actually improved by 6,000 oz Q on Q .
Marginal improvement in recovery too .
What went south was the AISC .
Previous quarter despite very little feed from u/g head grade was 2.23 implying stockpile grade somewhere close to 2 g/t .
This month 1.7 g/t feed and a third of that underground ore .Assuming 3g/t u/g gives us stockpile grade of 1.05 as compared to 2 last quarter .
THAT is why the result is crappy , mostly crappy feed .
I see no evidence of a problem beyond that !
Something like 3g/t u/g ore and 85% recovery implies for me 40,000 oz from sulphide/ quarter if no rubbish stockpiles and sufficient u/g ore .

Find this idea of looking backwards, and so superficially too , pretty strange for a serious investor .