"From my modelling I was expecting about 30kozs in Q2 with Q3...

"From my modelling I was expecting about 30kozs in Q2 with Q3 forecast of 37.5kozs and Q4k of 45kozs. It is only a forecast so was expecting some variance.... but my low level expectation was 25-26kozs.......At 21kozs the years forecast is very unlikely to be met."

These are numbers for the UG and the sulphide circuit right? How did you come to these expectations. The June/July projections for the UG mine production that I have pointed out in my previous post only shows 210kt of ore production for Q2 (development plus stoping). 30,000ozs would imply an ore grade of 5,22 g/t at an 85% recovery which is way above the reserve grade of 2.7 g/t.

If you are basing your modelling on the annual guidance figure, I personally think that is an inpractical approach as you are relying on a widely varying quanity which is the oxide production. The only way to measure the progress of the UG mine is based on the ore tonnage projections provided by the company for the UG mine (as I am doing). Whether the company meets FY2019 guidance is less consequential to an investment in this company than whether the company can get to steady state mining rates from the UG mine and meets its recovery targets. The only measures that can be used for direct comparison are the ore production projections and how they stack up against the information in the quarterlies and updates. A 20 to 30kt under call (potentially accounting for about 2kozs of production) for the Dec quarter against estimates made in July isn't that bad and definetly not a shocker considering what is being achieved with this development.

Unless you can explain how you got your estimates this is the last post on this subject in response to your "shocker" comment and "Emperor wears no cloths" comment from me. Esh