Quarterly report, page-9

It's obvious the strip ratio in the first 3 months hurt but it was always obvious the first few months was where the bulk of costs were going to be accrued.By now they are into the orezone without the big strip ratios of the early months.I think at the end of the trial mining they should be able to complete the exercise with a still healthy profit of at least $3.5m from a little more than 10,000 ounces .That will be money in the bank that hasn't come from issuing further shares Then they'll have a decent open pit and be able to do the sums to work out how profitable it will be to build a longer term mining operation there. Then look at Red Dog ,it's shallow and around 25,000 ounces in the indicated category so it should be a very profitable little deposit as well . Add onto that the 99,000 ounces of gold resource at Red October then I believe over the course of 2018 Matsa should generate lots of dollars from the Laverton area.
They have built a sizeable land holding at Laverton and I am sure there is still plenty of exploration upside , particularly on the Red October ground . Anglo Gold obviously need more ore for the mill at Sunrise Dam and that must be a plus for Matsa having a ready buyer /arrangement with Anglo Gold .
There are a few juniors now discovering that identifying shallow deposits in trucking distance to a mill where they can toll treat the ore is a lucrative endeavour (Beacon is another example) Matsa share holders haven't been hugely diluted by a big CAPEX number throughout all of this and they have been careful in not taking on too much debt .
Perhaps we might see some further funds come in from deals on other tenements as well I notice that IGO have acquired most of the ground in the Fraser range area so perhaps some deal might eventuate there as well .At current levels I am very tempted to increase my holdings .