Ann: Quarterly Activities Report, page-49

So much negativity on this WMC forum right now.
All this talk of administration etc is really over the top. The operations is profitable and cash flow positive.

The "cash burn" is from spending on capex not opex.

They are actually doing better than I would have expected. They commissioned the new concentrator and got it running up to nameplate in a very timely manner. My experience of mining commissioning is there are generally lots of teething issues that take time to iron out. They don't appear to be having these.

The capex must be close to complete with maybe $10M - $20M left to spend on Wiltails construction/commissioning/startup.

Current cash and equivalent position is actually $24.8M. I think it is safe to say gold concentrate sold awaiting pick is cash equivalent.

I would expect with 3 full months of the concentrator running close nameplate this quarter they should produce some where in the order of 20koz of gold con. With the higher through put costs should come down but even if we say AISC is still $1800/oz then operating profit for the quarter should be in the order of $12M.

If they complete wiltails some time this quarter we might even get a month of that gold dore as well. But most likely that will be next quarter.

So all going well the cash and equivalent position at the end of the June quarter should be around $15M - $25M.

Cash is getting tight but the capex should be coming to an end. If they run into issues then there is a possibility of another capital raising I guess, but they have a bit of buffer.