An excellent QTR.
The disappointing thing amongst it is the Dargues Reef figures. Back in December 2020 when the acquisition occurred it cost the company $166million plus $24 million in shares. At that time it was expected to average of 45 - 55koz gold p.a. at an average AISC of A$1,150 -1,350/oz over the next five years. We have never seem the value of this acquisition. In the 2023 Annual report gold production was 36,358 ozs. Mining concludes in the first QTR of 2024. AISC for the Sept 23 QTR were $2,394. Grades were well below (30%) than reserves. I don't think that the company has addressed the disappointing results of the acquisition and really why production, grades and LOM were not realised.
Ann: Quarterly Activities Report - September 2023, page-18
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