** why are you selling gold, page-8

re: *** resource up 3moz reserves up 1.5moz I dont agree.

I think the result is a shocker.
Down $44m to $7m.

Because 1) the grade has fallen and 2) the waste strip ratio is up.

In response to this the process rate goes up due to the pebble crusher. But does this mean the ore is only going to get harder? (that is why you install a pebble crusher)

But what about the grade and strip ratio this year? Are they any better or more of the same? They were the main cost impacts last year. They didnt go to any trouble to say they would improve. Probably more of the same? Industry costs are still going up. Oil price is higher now than last year.

If everything stays the same and they produce an extra 20,000 oz at US$220 thats perhaps an extra $5 million profit.
So thats may be $12 million next year.

I think they are looking expensive on current fundamentals.
And boy they need their growth story.
Short term downside here I reckon as the analysts crunch their numbers.

Have I got something wrong?

The new ore being discovered will add oxide to assist with costs but is not going to help with grade as the resource grades are approx 2.0 g/t?

acturtle