Ive checked Dazed's numbers and I get similar numbers for FY 24...

Ive checked Dazed's numbers and I get similar numbers for FY 24 ie just over 25M FCF.

I have no idea what the CAPEX would be to mine the JV prospects, but it seems clear Dave intends to do just that somehow , as I dont recall any of the JV stockpiles mentioned in recent announcments having sufficient grade to be worth trucking to the WGP. Any ore trucked there would have to have an average grade of >5gpt to make it worthwhile, given the 60/40 profit sharing arrangement.

Also who knows what deals Gary Morgan and Dave Reeves can swing between themselves to make it happen? Remember Gary has entered into a JV with a company that is sailing close to the wind.

The other thing you're forgetting is, that with $25M FCF p.a, Calidus could , in theory, just sit on its hands and do nothing else than just keep mining Klondyke , St George and other pits nearby until the hedge disappears, then re group from a stronger financial position. Lame, I know, but possible, right?. That is a strategy that could be put to Macquarie and might pass their risk assessment, if they are prepared to keep accepting interest only payments on the loan for a while longer.

I dont think the "clappers" necessarily have rose coloured glasses on, its just that they dont have funeral clothes and witches hats as their daily garb, like all the blow in doomers and spell casters who keeping arriving and keep telling us the project is a complete failure.( not you Spec101, Im referring to our own little fan club of special people here - lol)

No doubt though, Dave has committed the cardinal sin of over promising and under delivering. If he doesnt stop it soon, he'll go blind.