Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-140

By the time they get to stage 3, existing debt should be close to being paid off and hedged sales possibly completed. Assuming no increase in AUD gold price, that would leave a margin of $900 per oz on 130koz. Those forecast costs per oz I would assume take into account inflation between now and then. Its a long game at the moment and fair enough for selling out. Not everyone is willing to stick around in hope CAI get through the tough period without another CR.