Ann: Quarterly Activities & Cashflow Report September 2018, page-28

A couple of things...

1. You can have all the Dixon's you like.  For some time I have considered him about A$10M - A$15M discount to market cap only because he doesn't have the balls to call tough dirt, tough dirt.

2. 19000+ oz is very impressive indeed and you can't help be encouraged by the forward estimates

3. Meeting historical AISC forecasts is IMO as much a slight of hand as reality.  At a basic level the A$52m cash outflows forecast in the last qtr included I think around A$27m for opex.  That's come in around A$23M cash outflow which could mean anything.

4. They cash in the hedge to realise A$2.4M and looked to have locked in something less than current A$1700 plus price ... When your backside is blowing in the breeze, cash is king I suppose.  They didn't wind back creditors by A$1.1 as contemplated in the forecasts

5. At qtr end they had A$8.9M after all the amazing feats. What a tight squeeze ! But they are still trading today.  Lind's A$7.5m is to come (not included in qrtly) to settle balance of Orion post 30 September 2018.   The creditors must have been squirming but MACA seemingly has wound back its exposure so any debt to MACA is somewhat fresher...

6.  Can't see Actuity in the cash flow ... odd???  I had them for at least A$1.0M and maybe more (as much as A$3.0M).  Odd??

7.  I'm not sure the market buys it but maybe tomorrow will be a different story.  I was included for a quick scalp between 4.5 and 5.0 ... 

Have a great day.