Eshmun,
You are correct that the April 2017 ASX Quarterly showed
$914,000 Cash (as at 30 April 2017).
You are correct that expected cash outflows ('
ECO') for the July 2017 quarter were estimated at
$4,920,000.
However, your total Option conversion since 30 April 2017 to 31 July 2017 was materially understated. The actual Option conversion for that 3 month period is:
2/5 250,000 (125,000 at 21c; 125,000 at 28c) = $61,250
2/5 902,865 at 30c = $270,860
16/5 408,386 at 30c = $122,516
1/6 654,064 at 30c = $196,219
2/6 91,023 at 30c = $27,306
9/6 545,760 at 30c = $163,728
19/6 567,637 at 30c = $170,291
23/6 562,621 at 30c = $168,786
30/6 1,889,044 at 30c = $566,713
5/7 584,642 at 30c = $175,392
7/7 3,243,146 at 30c = $972,943
11/7 32,000 at 30c = $9,600
14/7 200,000 (125,000 at 21c; 75,000 at 28c) = $47,250
Total option conversion
$2,952,854
All Portia
mining costs are 100% CMC. HAV bears $Nil mining costs at Portia.
All Portia
processing costs are 100% HAV, which is already included in the ECO amount above of $4,920,000 (producing costs of $2,260,000). CMC bears $Nil processing costs at Portia.
Gold produced from Portia is shared 50%/50% between HAV and CMC. It is as simply as that.
HAV has told us that, for the July 2017 Quarter, gold sold was 1,740 ounces (gross). HAV share would therefore be 870 ounces (at say A$1,600 per ounce, that is gold sale proceeds of
$1,392,000).
My estimate of Cash at end of the July 2017 quarter is:
Cash at end of April 2017 quarter = $914,000
+ proceeds from Option conversion (July 2017 quarter) $2,952,854
+ gold sales proceeds (July 2017 quarter) $1,392,000
- ECO (quarter July 2017 quarter) $(4,920,000)
Cash at end of July 2017 quarter =
$338,854 (a
surplus).
This excludes gold sales proceeds from the gold nuggets that HAV already has on hand.
I'm not surprised HAV Management has
not done a capital raising.
Portia JORC Gold Resource
It is also worth mentioning that less than 50% of the gross Portia JORC gold resource has been produced by the end of July 2017 (Au 2017: 19,626 ounces; Au 2016: 4,962 ounces).
So August and September 2017 Portia production results should be interesting.
https://hotcopper.com.au/threads/an...get_post=true&direction=previous#.WaNg-K17FZo
Cheers
These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional expert
(20min delay)