55% DOWN in the last 6 months. My take on where to from here., page-14

It would be really good news if they do come in even at the upper end of guidance but to exceed guidance even better; however I'll even be happy if they come in around the midpoint; as I said the real test will be the September quarter since Peter Nicholson has placed his reputation on the line with his statement to being cash flow positive in that quarter - just hope the PoG holds up.

The calculation you showed over AISC is flawed since in the calculation of AISC, gold production is in the denominator - most of the costs are fixed. So if your production is half of what you planned then the ASIC will be roughly double. In this case ASIC was planned to be A$1,615/ozs for planned quarterly production of ~20,000 ozs but based upon guidance production will be between 8,630ozs to 13,360ozs. Assuming the mid point means that the likely AISC for the June quarter will be about A$3,200/ozs which a a A$2,200/ozs gold price means OBM will make about a $10m loss for the quarter. On top of this Missouri pre stripping Capex has been brought forward which will further deplete the coffers. I'm anticipating that they will have (after the Capital raising) about $20m in the bank at the end of financial year (i.e if the placement had not taken place then OBM would had close to nothing in the bank).