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Fitzy888

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30/04/20

12:04

Post #: 44349550
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Originally posted by SaberX: ↑

this is grossly understating the aisc. I havent bothered to try and fully calculate it as we wouldnt know all the knowns. But they have told you already cash costs for march 20 qtr is $1,080 oz excluding royalties. You can't then have AISC lower than cash costs. That's straight away an integrity check that your numbets are wrong.

first things: you've subtracted ore stockpiles of 3.4m for mine to date from a quarterly mining costs which is a straight out no. It isnt comparable. Secondly those ore stockpiles are 3.4m for 30 000 oz at nearly $100/oz. clearly the ore stockpiles are not fully reflective of costs. You think it cost them 100/oz to mine 30 000 oz? Most likely ore stockpiles have been valued upon commencement of commercial mining. All pre strip and pre comm production costs would have been capitalised to MUC. I havent checked but clearly you'll see this on the balance sheet. This will flow through amortization once mine is reclassified from MUC to MIP. Which is part reason why 31000 oz are only 3.4m worth of costs.

your most accurate picture would be the 9m less the portion of mined ore not processed but on the stockpile. Assuming the grade of ore mined is identical to processed head grade disclosed of 1.47 g that's 11,262 oz of contained gold mined. I havent seen them mention recoveey but based off my earlier quick look the other day their recoveey is below 90%. So that brings down recovered gold is closer to 10,000 oz. they produced 6905 so presumably about 3000 is on stockpiles. Althought stockpiles are most likely and seem to be contained gold. which again the 31 000 oz needs to be reduced by 90% or lower recovery , so their is circa 28000 oz.

either way the short straw is you cant just minus off stockpile attributable mining cost and mix that with quarterly production and mining costs to deem that march quarter production aisc.

As mentioned they've already told you cash costd are 1080. So if you are getting aisc below 1000 clearly calcs are wrong.

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SaberX,

All opinions are welcome. Thanks for pointing out what a dog of a stock I have invested in.
I'll continue to add to my BCN Portfolio moving forward though.
My numbers say something too.
$72k into $480k.
Cheers Fitzy.

BCN Price at posting: 4.1¢ Sentiment: Buy Disclosure: Held
9 Upvote

2 Great analysis

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