Undervaluation, page-20

Sorry but I can't logically work out how they can produce 30 to 35,000 ozs in Q4(Apr to Jun) as their latest estimate suggests when the E15 service shaft is not being completed before July.
There is a serious credibility gap here for me.
I'm happy to accept a production guidance, if it were given, of 150,000+ ozs for FY17/18 at an AISC of $US850 that makes today's share price look cheap.
But I wonder what happens to their cash balance from here to July and the likelihood of them having to replenish it.
Also after the slowness of getting this latest update to the market and the detail therein, I have some serious misgivings about the capabilities of the Chairman and CEO/Managing Director.