Anyone thinking the reported profit is real will be sadly disappointed.
Its mostly unrealised hedge gains and tax timing smoke which are exactly that; UNREALISED.
Cashflow is the required focus here......and it was in DEFICIT hence the never ending and increasingly dilutive capital raisings. It pays out more than it makes. Simple as that.
Any talk of projected future ounces and margins should be with reference whether this company/management can actually achieve them. History suggests NOT.
Bottom line is it has been a poor performer even with selling into its hedge at above ruling market price each month.
Woof Woof
MOY Price at posting:
16.0¢ Sentiment: None Disclosure: Held
