Ann: Issue of Performance Rights and Unlisted Options, page-27

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20/09/18

21:18

Post #: 35738072
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Originally posted by VivaLaVida ↑

Youtube Video 27 July: COO Richard Crew at OGX Plant:

- As at 27 July, the plant was operating 6 hours/day and processed approximately 190 tonnes.
- As of 30 July, they planned to start gradually increasing tonnage, starting with 200 - 220 tonnes. They also planned to start processing the higher grade ores from the Mestre and Intermediate zones.
- Over 30 and 31 July, they produced 100 - 110 oz. Based on 200 tonnes over 6 hours/day, this equates to approx. 8g/t.
- Using a baseline of a constant 8g/t, over 200 tonnes, processed for 6 hours/day and allowing for 20 days processing over a month = approximately 1,030 oz per month.

IMO - it's entirely possible that OGX produced 1,000+ oz for August, and given we're now well advanced into Sept, I wouldn't be surprised if they have a very good idea as to whether they'll achieve 1,000+ oz in Sept and therefor the Class A Performance Rights target will have been achieved.

All that aside... the ANN is advising that the rights are being issued and allotted to key members of the management team and employees who have joined since April 2018. The board and management rights were previously issued in 13 April ... so it could just be about keeping up with their paperwork!?

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Have thought this as well Viva re numbers. Then again if the plant isn't working as well as it could ,I think a lot of miners would slow everything down until they get it right. They have to look after the staff and the staff may be about reaching targets! 1000 OZ 2000OZ etc

OGX Price at posting: 3.0¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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