Ann: Appendix 4D and Half Yearly Report and Accounts, page-8

Disagree, cash costs will be lower in 2016 than they were last half.

It's easy to look in the rear view mirror but the company's recent guidance is significant!

Cash costs for Sept '15 quarter were $1298 and then $1161 for Dec '15 quarter which translated into a total cost of sales of $1512 for the Dec half.

Cash cost guidance for 2016 CY is $1155, so that should translate into a total cost of between A$1425-$1475 for the calendar year.

Now here's the real kicker....

Gold in AUD smashed through the $1700 barrier overnight and is $1725 - up over $40 as we speak!!
Compare this to an average price $1563 received last half.

For 2016, that translates into a net margin of over $250-$300 per ounce of gold sold for the year, assuming the gold price doesn't move.

300,000oz guidance * A$150 margin = A$45 million net margin (extremely conservative)
300,000oz * $200 = $60 million (very conservative)
300,000oz * $250 = $75 million (conservative)
300,000oz * $300 = $90 million (assumes current spot maintained for 2016)

The double kicker... many are anticipating higher Gold prices in AUD for the rest of the year thanks to a low Aussie dollar and a recovery in the USD Gold price. So any increase in the current spot price should be added to the above margins . Therefore a sustained higher gold price could see MLX generating +$100 million net margin on its gold operations for the full year.

Ah, the power of leverage in a rising gold market ;-)

Best of luck to all.