" if they hit their c.20,000 oz target that will give them a -ve...

" if they hit their c.20,000 oz target that will give them a -ve cash flow of about $9m,"

That is incorrect , Break even is around 20k oz you also failed to take into account that they expect to stock pile ore , my calculations is that stockpiled ore will cost cc $4M to put on the ROM pad .

Despite all that and if they achieve their stock piled targets then I would be chuffed if they achieved a negative cashflow of $4M for the quarter