Cash flow from ops is the difference between C1 mine costs and...

Cash flow from ops is the difference between C1 mine costs and margins/sales. The +11 mill number. Royalties, other indirect costs and onsite mine admin etc should be incorporated into this number.

Operational expenses are all other non mine site related expenses, such as tax, interest, wages, etc...but this isn't broken out in an activities report. It's the black hole or golden pot if you like. You can only guesstimate the number as it should be the difference between all income, cash, stock etc and other major expenses.

However, a cash flow analysis is just a guide as to whether the business has cash flow problems or not and how to tweak operations going forward.

One concern for me is the draw downs from the credit facilities. They didn't specify what they spent it on, if at all the money was spent, and how much is left but they did specify what was outstanding (i.e. spent), so I separated the difference into drawn down but unspent and put it into available cash, i.e. the 62 number but it's not 100% clear that this number is correct. It was not drawn down in July or Oct I believe, so it must be very recent with the cap raising etc or as at Dec 31 as suggested in the report to help them easily get through Q3. We'll know on Feb 15. This should be checked closely.

I have a breakdown of the cash flow from ops numbers for Q2 & the Q3 estimate based 2/3 of Q1 margins, which I'll put up tomorrow. It will explain the increase to 20-30 mill in net gains for cash flow. Right now I have to run...