Ann: Quarterly Activities Report September 2014, page-4

Well, I'm surprised they were able to produce over 21,000, largely thanks to the 92% recovery compared to the crash in recovery in the last 4-6 weeks of the previous quarter (they stated they were running at 92% in May but ended up at 85%).

Nothing in the quarterly about the replacement liner for the SAG mill, or when it would occur.

The continued talk of cash costs and not AISC is a big red flag. I see they mentioned paying creditors $5m in Dec quarter.
They mentioned on p12 cash and Cash equivalents of $US13.67 on June 30th 2014. Yet the annual report mentioned $US13.063 for the endof financial year. That's a bit of descrepancy that shouldn't be happening.
Given costs for the quarter and the $2.5m increase in cash and equivalents, it adds up to the AISC that Chuk mentions, and that's with a slashing of $6m off sustaining capital costs, $.4m of corporate costs, $.8m on exploration expenditure (including underground at Co-O) and $.5m on continued mine development.
In other words, numbers that will have to go up some-time soon or production will fall.

Some-one at the AGM needs to demand the company come clean and give AISC numbers.

If the POG falls, then there will have to be a cap raise to pay of creditors and re-line the damaged SAG mill.
Selling $1473 oz more than production, is that an indication they expect the POG to fall? Mind you, without those extra oz being sold cash in would have equaled cash out within $600k, despite the slashing of expenditures.