It actually wasn't "common knowledge" that production stunk through the quarter. Most people on this forum assumed that the capital raising was for a asset purchase not to cover operational expenses.
If Board members are reading... a little more clarity would have been appreciated. We don't just hand over money to you expecting bad news a few months later.
The Chairman's speech in November stated that gold production for the year would be 150 000 oz (and if you take things literally (linearly) that would be 37500 oz per quarter).
Also mentioned in November was that Wattle Dam's production target would be 65000 oz this FY. Since 20000 oz produced so far, I assume the next two quarters production from Wattle Dam will be approx 20000 to 25000 oz
Taking these two facts togethor I assume that production will be back to "normal" levels in the next two quarters.
In addition to this, first pour from Mt Magnet is expected in the next 20 days.
Hopefully by April we have a clearer view of what this company's future is.
I sold at $1.60 because I didn't think the company was yet worth $400m...at the time I though one day they will be... I think to deserve that price again they will need to exceed expectations.
RMS Price at posting:
$1.06 Sentiment: Hold Disclosure: Not Held
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