Hi zog,fair points all.For (1) and (2) yes I should have spread...

Hi zog,

fair points all.

For (1) and (2) yes I should have spread out the overhead a bit- maybe $400/oz is over the top and $300 is fairer. Until the evidence is on the page though, I'll stick with 300 as that was (roughly) the best achieved last year. That bumps up the (hopefully) minimum cash in to ~$8mill for a $1500 POG. and $16mill at $1700, which is where we are now.

For (4) I didn't look deeply at how costs were going to be spread so yes that's definitely rough on my pass.

One of the main points of my rather hacky modelling was to try and work out: "is the worst over? is it upwards from here?". After all, my reason for getting interested in the company in the last quarter was that I thought they'd hit an inflexion point.

Your points 3,5,6,7, are well made and until they're resolved are very much a cause for concern. Worth sending an e-mail to the company?