Thanks for that info, I see now the $38.50 has been factored in...

Thanks for that info, I see now the $38.50 has been factored in detailed unit costs (i.e. in the AISC), which means only the 55/45 split applies.

Additionally in regards to the debt facility, Page 36 of the annual report snippet below. Not entirely self explanatory, but I read it as they need $300K prior to mining, then will draw on the $6 million throughout the mining activity until its cash positive. They have indicated they may use the debt facility to pay for the $1.4 million DME security deposit.

"The Company has secured a gold loan facility of $6 million (the “Facility”) to fund the necessary mining activities until the project becomes cash positive. The Company’s cash flow projection however indicates that it will need to raise funding of an additional $300,000 before mining activities commence. Directors are confident that this amount can be raised within the required time as the Company has successfully raised funds through share issues and debt funding on a number of occasions including over $1 million during and since the end of the financial year. "

Finally, The investor presentation has a slide 'Steps to Mining Mt Porter' which indicates a 6 month mining period before backfilling, so correct, thats 26koz in 6 months.

However the $9-11 M FCF in 6 months, I believe this doesn't include the milling 55/45 split. That $9-11 M can only work for Gold Sales less AISC. Adding in milling agreement then this would be ~$5-6 million in 6 months.

Then Mt Porter North and South would still need to be permitted in this time and a JORC resource defined, and Glencoe MMP approved before they can roll into mining these areas. Can this all be done in 6 months so they have other ground to turn over following Mt Porter completion?