From the quarterly report. The good news is that:
"Gold produced for the June Quarter totalled 2,311 ounces. This represents over a 100% increase on the unusually low previous quarter."
And more good news:
"The new management team on site is now past its initial learning curve and is starting to increase production."
And this is even better good news.
"As production increases, the costs are expected to drop to a forecast sub A$400 per ounce as production increases towards the main goal of 300,000 ounces/year."
I see that CTO had a net operating cash flow loss of $3,938,000 for the quarter. CTO also had just $720,00 "cash at end of quarter."
No guessing what that probably means.
Ann: Quarterly Activities and Cashflow Report , page-3
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