Ann: Quarterly Activities and Cashflow Report, page-101

Well, one of the questions is how production costs would scale if Coyote went full time. If 50% more production costs 50% more (fuel, salaries) then you get the benefit of extra gold of course, but any fixed costs means that you're more efficient (50% costs 40% more say) and win on the production cost side.

I really think they should fund further expansion out of profits not cap raisings. Or bank loans. I'm really sick of mining companies that sell the promise of "starting small and scaling up" but then who turn around and decide they want to be big before they can be profitable, and dilute everyone to death.