Ann: Quarterly activities report , page-17

loki, I follow your calculations, but 6.9k oz might be on the low side because it implies worse monthly output than December. Consider this:

Dec12 production was probably 2.6k oz gold -- i.e. Dec12 processed 49.5% of the quarterly ore (53.7k/108.4k tonnes), so use that % of 4.850k oz gold, but add in 5-10% more because the recovery rate improved in Dec12. So, using Dec12 output "efficiency" alone would produce 7.2k oz gold next quarter.

My estimate is that Jan13 output is around 2k oz gold, then will be closer to 5k oz in each of Feb13 and Mar13. Result: 12k oz gold next quarter.

5k oz/month for Feb13 and Mar13 is quite a jump from Dec12 output (2.6k oz), so my estimate could be too optimistic. But it is possible or likely because
(1) gold recovery rate is improving;
(2) access to ore body will produce better head grade;
(3) access to ore body will provide uninterrupted processing (much less downtime)
(4) processing plant is working very well, so key variables are (1), (2), and (3).
(5) Maybe less rain :-)

david75, the quarterly cash statements don't include predicted revenue, just expenses and cash on hand; in fact, the "Estimated cash flows" section is usually called "Estimated cash outflows" at other companies. I'm not an accountant (just intro uni accounting courses) so don't know why predicted revenue is excluded.