While I am also pleased that RMS beat minimum guidance, even if they had no issues, they would likely have produced perhaps 69k (so not quite a beat, but I am in no way negative on the performance. As others mentioned, RMS is continuing to prove resilient). As they had forecast EM would produce 27.5k for the quarter. So, a further 3.2k. Basically, EM produced as expected, with Mt Magnet beating guidance by 1.8k ounces.
A rough estimate sees the AISC sitting around $1400 AUD, as this quarter was expected to have approx $15m capex. Add on the Tampia payment and tax, and the $10m gained seems right. Add in some slippage for Tampia project development (from Dec to Mar), and a somewhat muted average gold price being received.
The June Q guidance will be around 64-68k (as per past guidance). However, as above, capex will be reduced, no income tax, no Tampia payment, should see $35-40m added. Perhaps that will interest the market....
Lot of news to come this quarter, and of course, the potential for MZ to make his move, on.... whatever he has his eye on.
Ann: Production Update March 2021 Quarter, page-15
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