Ann: Operations and Corporate Update, page-131

Hi Speculator101,

Out of curiosity, I dig a bit into how the $24.2mil was spend. Here are some items where the money went into:
1) $5.9mil to debt repayment (interestingly $3.9mil was due but $5.9mil was paid out)
2) Some hedged gold for the June Qtr had been shifted out to FY2021. The volume is about 10Koz. Assuming spot price of $2,500, then this shifting would cost $5.0mil.
3) The Jun qtr volume of 31,883oz of gold would have generate a miserable ~$3mil profit i.e. only $100/oz.

The above leaves the amount of $16.3mil unaccounted for which probably goes to stripping, drilling etc...... If the bulk is to stripping then I would think that this amount will be recovered once gold is produced.

The more I read of the report, the more I am inclined to think that a lot of conservatism had been built into it. And the potential upside is in the exploration and also the U/G mining further down the track.

Perhaps LJ is pushing down the expectation to as low as possible and the slowly build it up from there. This is just my optimistic opinion.