Ann: Trading Halt, page-102

"huge miss"

Huge miss does not mean much, it is the reason for the miss which is important and I don't really view it as a miss at all. More misjudgment for not declaring the miss earlier.

Sept 2018 Q production (ramp up phase - ie not commercial production) = 29,316oz

Dec 2018 Q production (ramp up phase - ie not commercial production) = 37,934oz

Company comment on Dec 2018 production
"41,229 ounces mined during the December quarter with 40,775 ounces processed delivering production of 37,934 ounces (93% recovery), in line with Company expectations"

Fisrt half 2019FY production =67,250oz total

If guidance is 160,000oz as per post above and the Australian report, that will be 92,750oz for the second half of the 2019FY.

Most of the production for the March quarter was commercial production except the first 9 days.

So if you double the guided second half production based on the above (ie the actual production represented by commercial production alone) you get 185,550ozs which is within the original guidance range

and absolutely in line with the "original" 2016 feasibilty study which said

"Initial 8 year treatment schedule produces an average 186k oz per annum for the first 4 years"

It is not the size of the miss, it's the reason for the miss that is importnat and I think that part of the reason is already obvious from the above. We have been ramping up for 6 out of the 12 months of the year in question.

I haven't read the Australian article yet but based on that one 160koz number alone it looks like most comments here are storms in a tea cup.

Nothing to see here ladies and gentlemen please move away from the car.

What the instos do with the news will be interesting but this still looks like a buy to me unless some fatal flaw is actually revealed. I'll be looking closely at any more commentary the company might give around the grade at Jupiter. Esh