As retired young pointed out it is not until they declare commercial production that gold sales revenue is put separately in line 1.1 of the cashflow report (5B Report) - that had no doubt hapened now - or imminently.
That is why the production number in the quarterly is positive - it is the revenue from gold produced less costs of production.
If they're confident enough to say production costs re circa $4.5m, they have a fair idea of gold produced (funnily enough).
In the presentation, it mentions steady state throughput of the mill at 10,000 tonnes per month will be now (November). We also know recoveries are excellent at circa 95%.
What grade? Well the resource, measured and indicated, averages 10.5g/t.
Say October 5,000t then Nov and Dec. 10k tonnes each, so 25kt for th qtr.
25,000 x 10.5 x 0.95 / 31.1035 = 8,018 oz gold.
If production costs are $4.5m that equated to C1 costs of only $562/oz. but even if you amortise the full $3m of development costs too that's $935/oz.
Revenue from 8018 at AUD spot = 1303/.7685 x 8018 = $13.6m.
Even if i'm being generous with the ounces produced, there's plenty of buffer there?
As retired young pointed out it is not until they declare...
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