Big times ahead, page-15

Happy to say that the hedge is now less than 30% of current production, and even less once it runs out 9 months from now, as MOY have explained to the market that in CY2019, they are planning on producing more than 100,000 ounces (plus this quarter they will actually achieve their 100,000 p.a production target, although they try to say that they have already achieved this. Perhaps they are actually talking about it on a monthly basis, as I am assuming that Sept production rate was close to 8,200 ounces).



Even if MOY only hit an AISC of $1200 AUD for this quarter, 25,000 ounces, going from the average AUD price for the quarter, including the hedge, should see MOY receive approx $1740-1750. Meaning a total margin of $545, or $13.6m. Add on MOYs current cash position and debt facility and they have liquidity of $38.9m. Far more than is required to upgrade the plant in the coming quarter (of course, they will also be making money next quarter, so liquidity could increase to perhaps $50m.

Also, I am hopeful that their production for the quarter is weighted to Dec, as that is when they are hoping to have ore from the U/G mine being added.

I think the risk/reward of MOY is now excellent and I have bought all I can at $0.175 over the last few days. The players may try to push it a little lower, but... for me, with all the news to come over the next 6 months, it's put itself above the other mid tier ASX producers.

Good luck to all holders.