latest selling, page-9

Jul1123

CTO only spent approx. $1 mill /quarter on exploration costs.
That doesn't seem particularly excessive to me.

I'm sure exploration costs would be allocated correctly, according to ASIC rules, as the risks of masking costs would be too great for directors and CFO's to contemplate.

Also, to put it in perspective, $1 mill is about 800 oz... it wont mean much if CTO is producing at 15,000 oz/quarter, even if it does get wrongly allocated later on by an honest mistake say or the CFO has a brain fade.

Bottom line..
There's a standard way to calculate cash costs, that needs to be adhered to, it's not left to chance or interpretation.

In all instances for CTO and other ASX miners ..
Any costs that relate to the stope development for instance would fall under operating cash costs.

Any costs that relate to the Decline development would obviously be outside the operating cash costs... the Decline is seen as a capital item - an asset that can be amortised over a number of years.

No interpretation or masking would be tolerated.