Ann: March 2021 Quarterly Activities and Cashflow Reports, page-3

I would be cautiously optimistic at this stage.

Capitalised costs went over but not by much and kept within contingency.
A few early hiccups (hopefully not too many more) are no surprise and no cause for panic at this stage.
Recoveries look... OK.

I realise this is an obvious thing to say but..... this quarter will be key.

The worst case gold sales by EOFY are estimated as 18koz. So that's an easy first metric to define whether the company "passes" or not.

If gold prices hold at current levels then that's about $40m coming in. The obvious question: what will cost of production be? According to the investor presentations, AISC is just under $1600 (cash costs just under $1500). If they come anywhere near that in their first full quarter of production, that's definitely a pass. I would have thought that the AISC is based on full scale production (80 koz/yr so 20 koz/ qtr) but a worst case of 18koz sales implies more like 12-15 koz for this quarter (given they've already sold or due to see ~5koz)

I'm going to wave my hands in the air and pull out a random number: if they come in below $2000/oz (with promises that that will drop to forecast once everything's at full steam) I call that a pass. If they run at a loss that's a definite fail.

I presume cash from gold sales is delayed for some reason because it's not showing up in company receipts.

With $18m in cash, all the major capex done they should be good to go.

What do we need going forward?

Well in other miners I've seen, if things have settled down they might issue monthly production figures for a while to show that things are going well. The risk there is that this sets up expectations and if things go wrong for a month the share price tanks disproportionately. But I'd love to see an interim report before the next quarter with the kind of things I'm used to seeing: cost of production, ounces mined and sold, overall income.

Bizarrely, for a company that's looking pretty solid and getting fairly close to full production, they could really do with a killer exploration hit.

At this stage though I think things are looking OK.