Ann: Production at Norseman Increasing, page-7

Well they produced about $38m worth of gold. Last quarter NGP operating costs were 19m, and capital costs 7.3m, Corp and fin costs 1.1, Tulla working capital 9m - not sure if that is repeating since the merger - assume it might have been operating expenses to be conservative, new is 1.8m comms for the raise, and 1.8m for the Nebari loan at interest only. So outgoings including that 9??? might be $40m. So might be backwards $2m in that instance. Some extra workers from HC - so might add another $2m for that to be backwards $4m.

There was meant to be about 4 koz pm from UG in Aug and Sept - but obviously that was delayed. I reckon there should be 4 koz on top of August production from UG oz, and another 44% more open pit oz (was 3.8) (from 1.6 to 2.5 expected - use 2.3 for now) to get a run rate of about 9.5 koz per month. And that doesn't count running above nameplate, but not problems either to maybe balance out. 9.5 x 12 is obviously above guidance as a run rate.

They'll be cashflow positive on that run rate with abut $80m gold - If outflows were $40m again that would be a massively cashflow positive quarter coming next? I'm probably too optimistic.