Yes this update suggests they will likely be in cash burn mode...

Yes this update suggests they will likely be in cash burn mode in Q2 and Q3 of this FY.

That said, a reducing cash pile doesn't necessary mean "making a loss" in an accounting sense because a lot of the money being spent will be booked as capex not opex.

So technically I suspect they will still be making a healthy accounting profit, unless they decide to do a write down, which with the gold price being back at $1200 would seem unlikely.

Please note - I'm not saying this makes for great mine accounting practices - and I too want to see a growing cash pile and as such am mostly focused on the likely future FCF.

With that said, another unknown at this point is the drill results over the last couple of quarters, as part of that high AISC (from memory) is the result of an increase investment in drilling which can help increase the book value of a mine if they manage to expand resources or convert more into reserves.

So for me, there are enough potential positives that could occur for MML in the next 12 months to want to nibble at these prices irrespective of some short term cash burn.