I don't think this was unexpected was it? It was always going to be a difficult quarter between the completion of UML and Black Reef and the start of Alliance South.
The good news is that the first 2000 tonnes of Alliance South ore is in circuit at the moment. Realistically, unless the bulk sample provides some double digit grades, I would be expecting another (smaller) loss in the December quarter until production ramps up and Pearl Croydon is brought on line in the new year when it should turn cash flow positive.
ORS Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
