Yes great result for the qtr which should result in the sp being...

Yes great result for the qtr which should result in the sp being rerated upwards.
It's a pity they don't tell us anywhere what the price recd on the unhedged production is.
Nearly all the increase in the ounces produced comes from the increase in the grade mined.
Unfortunately we're not being told whether the higher grade can be maintained going forward.
Accountingwise I was calculating at spot rates and then deducting the hedging liability - if I'd used 81k in sales ozs instead of the 75k I'd still come close to their reported profit figure - although their cash costs were lower than what I forecast.
Overall cash costs of around $23 million for the qtr was similar to the previous qtr and probably should be as the increase in ounces comes from an increase in grade mined and not in extra throughput.
If they can keep on producing these quarterly results than we can relax about any cashflow problems over the next seven quarters.