ann out, page-13

gonnfishing

MCO has $20.192 million in carried forward losses so there will not be any tax liability on earnings for about a couple of years (see page 42 of latest annual report).

Any casflow is better than no cashflow.

If they are accessing ore which is at 5 grams/tonne then they would earn gross revenue of about $574K per month (assuming 10 tph, 30 days, 85% recovery, POG AUD 1400, 31.1035 grams/ounce).

This is not enough to make them cashflow positive, but is useful in helping to limit the drawdown of their cash.

Overall there is slow progress, but in the shorter term the main thing for me is that they do become casflow positive before they run out of cash. They seem to be on the way to achieving this.

loki