Detailed, as usual and reads well. The only thing I don't like...

Detailed, as usual and reads well.
The only thing I don't like is the conservatism in some of the numbers, such as the production guidance for the year, the AISC of over $1200 for the current six months due to the capital to be spent on the E15 shaft, the +15% additional skipping capacity once the E15 Service shaft is completed by March. All of those should prove to be very conservative. If they intend to mainly mine the upper levels of the mine in the first three quarters, that produces a lower grade then they should tell shareholders that this is the reason for the low production guidance. The additional skipping capacity should be closer to +25% rather than the +15% indicated.
Sounds like the plan is to continue to break even to the end of the Mar18 qtr (if you are to believe their guidance) then mine the high grade levels 9 and 10 when the additional lifting capacity becomes available from Apr18 so they then get a double whammy effect on the production numbers both from higher milling rates and higher grade ore.
It could be we've bought this share too early but at least there have been shares available at this level to accumulate a decent holding and it maybe that the flow of shares might dry up especially if another Fund manager can see the promising future ahead and decides to take a position early.