Three possible scenarios based on average gold price for Dec...

Three possible scenarios based on average gold price for Dec quarter of $1275 and quarterly expenditure of $24mil.
1) Company guidance: 20,000 ozs produced giving AISC $1200 resulting in free cash flow of $1.5mil($A1.9mil)
2) Best estimate: 22,500 ozs produced giving AISC $1067 resulting in free cash flow of $4.7mil($A6.0mil)
3) High but possible estimate: 25,000 ozs produced giving AISC $960 resulting in free cash flow of $7.9mil($A10.0mil)

December quarter is always going to be the low quarter due to the holiday season with most workers wanting two weeks off.
They should also recover a further $2.0 to $2.5mil in VAT/GST owed by the govt. which will add to our cash holdings.
AGM this coming Tuesday will probably produce a similar presentation to the one last month with no real updates.