MML - Q1 Production Report, page-5

Well it's out.

Looks pretty solid.

The positives:

31,495 ounces for the quarter - wow.
$953 AISC - quite good.
6.8g/t head grade - great improvement.
25% reduction in corporate overheads - very impressive.
15% management pay cut - a little surprising, but always nice.

The interesting:

The PoG is currently $25 above the average price received for the quarter - which bodes well for future quarters.
There was a slight reducing in exploration expenditure.

The negatives:

There seems to have been a $8M loss on an account receivable?!?
Markedly higher cash costs per ounce - a little surprising given the increase in production.

All in all:

Hopefully that $8M loss is a one off event and if production levels, head grades, costs and the PoG are sustained at these levels MML will be see its cash pile increase dramatically in the Dec quarter.

Looking past the $8M issue with receivables, I think this quarter's production should give the market some confidence that MML "can achieve"it's FY16 targets of 120,000 - 130,000 oz at an AISC between $900 - $1000, but is "likely to" achieve its targets, and may even exceed them.

What did everyone else think of the report?