Can someone please explain what "commercial production" is.
It cant be that good as they still have not passed the completion tests under there banking finance - which are there to confirm that the project can operate on a sustainable basis and perform to budgets.
They state C1 cash costs, but give us no idea of what sort of money they are making. They quote the gold price received but do not say anything about how much net margin they made. Again smoke and mirrors by the gold sector and no transparency in terms of what they are actually making.
If it wasn't for the $8m capital raising last quarter they would have run out of cash.
Can anyone remember CopperCo - where the same MD referred to great operating performance, good C1 cash costs and an expansion project underway, only for it to fall over shortly afterwards.
Too many similarities for my liking. Get the mine operating at budgeted levels for more than a few months before committing to an expansion, deliver a record of continued operating performance to shareholders, let shareholders see the impact on the share price financially, before going ahead and raising more money to expand operations. If an expansion is needed so soon, why wasn't it done in the first place.
MOY Price at posting:
57.2¢ Sentiment: Sell Disclosure: Not Held
