Where does the money go?

Can someone help me understand where the money goes?
Based on the September Quarterly Report
My interpretation:
Last quarter ASIC $1344
SLR have 126,000 ozs hedged at $1703 to be delivered over next 32 months
Equals 52,000 ozs a year at $1703 = $88,556,000
Guidance 135 to 140,000 ozs – use 140,000ozs
Current gold price $1676 – use $1660 for 88, 0000 ozs = $146,080,000
Total =234,636,000
ASIC = $188,160,000
Therefore after ASIC, cash left over should be $46,476,000
Costs after ASIC
Exploration $12,000,000
Admin $5,000,000?  (not sure if admin is accounted for in ASIC)
Capital Works $10,000,000 (rubbery figures)
Remaining $19,000,000

The cash balance of SLR should be increasing at around $5,000,000 per quarter
But it isn’t, I know they are saying there will be a decrease in cash next quarter of $5,000,000
But I am left wondering, where does the money go?
With the free cashflow of around $19,000,000 I cannot understand why SLR has all this pressure on it’s shareprice.