Ann: Trading Update , page-19

My initial thoughts too Greame.
One needs to gross the figure back to a pre tax amount.
Assuming an exact 30% tax rate, the 27 million should be grossed back to around 38million. I know there could be once off tax adjustment etc but the 38 million should be divided by the 92,000, which equates to more like $420 per ounce. Also production was not at the full 100,000oz pa so therefore the fixed costs would have been spread over the smaller 92,000 output then the budgeted 100,000 adding to a slightly higher then budgeted costs.

I have to go through all the quarterlies, and then the annual to determine the ultimate full cost of production and which quarters had a relatively higher cost. I suspect current costs is closer to the $950 mark then say the $1,100 looking forward at an annualised production rate of 100,000per oz.