Ann: Gascoyne Achieves FY2022 Production Guidance, page-8

It's ugly when a Oz miner is getting A$2600/oz and is struggling to bank $'s. Free cash generated in the industry is at a time of still relatively high historical gold prices appalling.....a function of rapidly escalating mining costs & ongoing diminishing grade (familiar to us here at GCY too). Extremely fortunate to have a mill that runs on the smell of an oily rag. If production inflation doesn't abate &/or the A$ gold price doesn't increase there's going to be a lot of mines going on care & maintenance, pulling down the shutters or bought out at very low prices by cash positive competitors simply because they have no alternative. Those like Galileo with deep pockets from institutional/private patient backing are going to come out the other side much bigger & stronger at the expense of shareholders of companies that do not have the benefit of bottom quartile cost efficient operations, forgiving grades &/or a reasonable balance sheet. Similarly, GCY might be able to pull off some amazingly cheap resource acquisitions if it can be amongst those remaining.