I read the whole Quarterly Report, checking meaning of words on Wiki, I learnt a few things.
I am disappointed with:
- Lack of progress on service shaft. Now won't be finished until June 2017!
- Hold ups with resource drilling. Some good drill results, but limited scope.
- Production level poor. Is this a seasonal? 2015 March quarter was also poor.
- Company waved white flag on exploration.
Some good points:
- Focus was on mine development. A total advance of 5,266 metres preps for future production.
- Average sale price US$1,173 for the gold is reasonable. Expect that to increase next quarter.
- No LTI or environmental breaches. Well done.
Gold price and no long term debt are highlights, but company needs vision.
Mr Boyd Timler appointed as CEO on 21 March. He's a Geologist, we need a Mining Engineer desperately.
