Ann: Quarterly Activities Report, page-24

At face value it doesn't look good cost wise, but recovery rates are increasing, so this is counter intuitive to what should be happening with underlying production costs. I suspect the production cost estimates include a lot of the work they are doing to increase recoveries - which might be found in those production costs data.

If you look at the capex spend in the cashflow statements it looks a little low too me so noting the unit production cost numbers have not reduced, infact they appear to have increased, (especially given the stockpiles they had and appear are using this quarter hence why sales bigger than actual production this quarter) might indicate the production costs include significant maintenance expenditure (i.e. as recovery rates appear to have increased here and with that I would have been expecting falling costs as per this post - Post #: 40269083 and Post #: 41417087 and )

The quarterly and cashflow statements are poorly written IMO and management here needs to properly explain where current expenditures are going this last quater- capex or maintenance because if maintenance might be over inflating production costs, but that is a guess.

Appears this coming quarter in effect really doing little mining, and living of stockpiles as well, which makes the quarterly and cashflow projections even more concerning IMO (without a better explanation from management as to what is been said and what is the underlying production costs without the spends that might be in there to increase recoveries). If they are a true reflection of production costs, meaning all capex and work to increase recoveries are in capex, then the quarterly and cash flow statements are a concern IMO

All IMO