If they produce 15,000 ounces then it is unlikely the expenditure will be per the March quarterly. 15koz at A$1500 = $22.5M + $2.3M of other costs. This is probably a worst case since they've managed to produce below A$1500 at only 13koz output and we know the cost base is predominantly fixed.
It is also not clear over what time period they have hedged those 12,500 ounces.
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