Correct.
Most of Core's mining cost comes from removing the overburden to enable access to ore. When a lot of overburden is being removed, cash mining costs are high. In periods where you can benefit from past mining overburden removal, cash costs are low. There will be periods where stripping costs are closely balanced to the mine average. Q1 was close to an example of that, except it was building ROM so costs looked high an the A$1,889/t figure got quoted and repeated lots as Core's cost.
Core's been in massive overburden removal mode so costs for that phase are high. While its likely that Core is still in the process of completing the phase 2 strip back, by Dec2023 Core may have been in a position to benefit from previous period mining overburden removal work. If they were, the incremental cash cost for Dec month ROM could have been small. If it isn't the Dec month, then soon after restart there could be some of these low-cost periods.
Note - There isn't enough detail about the mining plan to know exactly when that phase 2 work ramps down (other than now knowing its taking a pause for the rest of the wet season while ROM levels are also reduced).
From the July 2021 DFS
From November 2023 presentation slides. That's looking a lot like the upper layers are nearing the final shape (but pushed back a little to be less steep).
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