Hard to disagree with you there tweetie2000, reads like they only have one mine, North Royal! Clearly they are hanging a lot on the fast and successful start to production, and from what they show, it looks OK. I have said before these guys do know how to move rock, the problem is that there is often no gold in it. In underground, the modelling is complex, in open cut more about volumes, fortunately the mill has capacity :)
Without adding North Royal yet, and underground situation unresolved, the 'remained flat' is the best to hope for.
I have bought mildly as things settled down to this level, with small dollars only. Well known that if you cant handle 80% reductions in price, you might be better placed outside of gold miners, but still NGX remains my worst performer.
Needed is about 20k a quarter to get back in the black, with cash costs under the 1100AUD mark. POG in AUD still solid, or its next leg up (my guess is not until April next year), would also remind the market of NGX's assets.
NGX Price at posting:
9.1¢ Sentiment: Hold Disclosure: Held
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