Selling just prior to the quarterly is being done for a reason,...

Selling just prior to the quarterly is being done for a reason, I think. Sizeable off screens sells taking out loaded top layers.....so likely to be a fund. I have heard some of theses fundies asking irrelevant nonsensical questions during the 3 month calls.( Although I have been doing this stuff for 20 years and that helps, where experience is no substitute)

So not surprising that one or two may have taken freight at the ONE OFF end of calendar year $4.7m royalties and insurance. We will get revenues of about $22m last quarter, but these annual expenses are a fact of life. Accordingly it will be a slightly negative cash flow again. Refer to page 20 of the Sept quarter Activities and Cashflow & you will see for yourself.

No conspiracy here...just somebody worried at another breakeven or negative quarter. Having said that...it is very unusual the company has decided to report cash and EBITA each quarter. It is not necessary and different to almost all other small caps. Just look at how well they are doing in ramping up production and increasing mine life. That was a great result last quarter, considering the mine closed for 5 days during the 1/4......very encouraging except unlike other companies, all focus will be on cash situation, when they report in a few days.

It is fair enough that CAPEX is involved in new mining development, which means NPAT after tax would be about $10m for the calendar year. Very solid, very good considering production is about to almost double.....but with RVR who will care about NPAT when cash position is the focus every three months.

I will put out some more over the weekend.