$40 cents club, page-119

psyber

Thank you for your input.

You could be proven about right - it will depend on production levels being maintained or increased, costs and the AUD POG.

I was assuming production of around 45k ounces/quarter ongoing, but hopefully they can maintain the current higher levels because they will need to in order to stay afloat.

Your estimates have omitted the sustaining capex of around $6m mentioned in the last report.

They will need to build up a bigger cash reserve for contingencies.

If they survive into 2025 then things should be OK so long as current assumptions hold while the hedged price increases. However, who knows where costs will be then, with the oil price being a major consideration for their open pit mining.

GL

loki