Direct costs of production appear to be quite good. Its when you add in the $7 million development costs it starts to get a bit ugly. I'd like to see a breakdown of that spend yo see what mine sites its being spent on. The $3 million spent on other fixed assets i presume is mill related spares etc?
It makes all the talk of buy-backs and dividends a waste of time. If they only put through 16,000 ounces this quarter (Three Mile Hill) and aiming for 20,000 Jun qtr then then their won't be much more than the existing $12 million to go round in three months time. So you can see we're still a while away from any significant cash gains and its starting to make suring up several years of reserves look ever more and more important everyday.
Lets hope for a smooth 3 months with no production interuptions and an increase in grasm per tonne.
FML Price at posting:
5.5¢ Sentiment: LT Buy Disclosure: Held
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