poor figures in sept 2005 quarterly imho, page-9

I think you will find that the difference that every body is worried about is the exploration $ spent ie $5.5m - $ spent on exploration are not necessarily treated as an operating item from a n accounting perspective- more likely the $ will be accounted for as a capital item and depreciated/ammortized as future income is brought to account upon the exploratation activity becomming succesfull ie leading to production & therefore future income.

Add back the $5.5m and you roughly get EBITDA for the qtr of $6m on a cash accounting basis.

Hope this helps.