Where's The Pullback, page-257

How did you arrive at "I went through explaining the Asic +capex = break even at best next 12 months"?

Capex is estimated to be $80-$90mil for RMS 2020FY. Also there is no differentiation between Capex (for sustaining the mining of the gold ore) and new Capex (others) in the $80-$90mil allocation. Now if all of these are for sustaining then the cost is already captured in the AISC and therefore capex is no longer an issue.

https://www.gold.org/news-and-events/press-releases/world-gold-council-guidance-note-non-gaap-metrics-all-sustaining

Sub-Total (Adjusted Operating Costs) (l) = (a) + (b) + (c) + (d) + (e) + (f) + (g) + (h) + (i) + (j) + (k)
Corporate General & Administrative costs (including share-based remuneration)Income Statement(m)
Reclamation & remediation – accretion & amortisation (operating sites)Income Statement(n)
Exploration and study costs (sustaining)Income Statement(o)
Capital exploration (sustaining)Cash Flow(p)
Capitalised stripping & underground mine development (sustaining)Cash Flow(q)
Capital expenditure (sustaining)Cash Flow(r)

All-in Sustaining Costs (s) = (l) + (m) + (n) + (o) + (p) + (q) + (r)

By all mean please correct me if I am wrong in my understanding on how the AISC is calculated.