solid bagger - MOY - overdelievering management, page-101

Yeah it's right which is why I'm not worried by the day to day fluctuations. I'm sure many other holders don't care about day to day fluctuations either. Bigger picture is that this stock is heading much higher if management keep AISC at the level they have kept it at for some time..around 1200 aud.

Quarterly below shows we generated 7.1 million free cash flow from a realised price of 1493 aud. Have bolded it below. Current gold price is 1720. Huge difference. Also the hedge book now has changed for the quarter and it has 24122 ounces remaining to be delivered by September 30 at an average forward gold price of 1608 aud. The guys selling need a whack across the back of the head. They need some sense knocked into them.

"The strong production performance at Millennium’s flagship Nullagine Gold Project (Project) in WA resulted in the Company generating $7.1 million in free cash flow (before financing activities) during the Quarter.

This stemmed from the production of 23,166 ounces at an all-in sustaining cost (AISC) of A$1195/oz, which puts the company on track to achieve CY162 production guidance of 80,000 oz – 85,000 oz at AISC of $1180 oz - $1220 oz. "

"Gold sales revenue for the Quarter totaled $34.4 million, which was achieved at an average realised gold price of $1493/oz, consisting of 6843 ounces sold at an average spot price of $1640/oz and 16,217 ounces delivered into the Company’s hedge at an average price of $1430/oz.

At 31 March 2016, the Company’s hedge book requires 24,122 ounces to be delivered by September 30 2016 at an average forward gold price of $1608/oz. "