AISC will rise when Q3 numbers come back, since last quarter was abnormally low production. That could be seen from the negative quarterly cashflow, though that mixes in Growth CAPEX.
Similarly, AISC will fall as production improves again. (Assuming)
Maybe it's 200koz hedged, minus those delivered in Q3. Remembering that it's something like 1/3 of production, once production is going fine again (hedge deliveries spread over multiple years). So there's room to make money at spot, once production recovers.
Q3 an Q4 have collars, which put a limit on spot sales. But Q4 will be behind us before long - then a higher proportion of production will be at spot again.
I'm wondering if development was accelerated last quarter. Which doubled the production downside of the grade surprise.
May they have the option of accelerating stoping now, to boost production? Hopefully, since Q4 is the final hurdle (with collars), if gold holds high up here.
BGL Price at posting:
$1.15 Sentiment: Buy Disclosure: Held
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