Ann: Calidus on track to meet FY24 guidance, page-7

This was always going to be the worst production quarter due to the continuing high strip ratio and plant maintenance shutdown. 13,696 oz achieved nevertheless. Also a high cost quarter due to the maintenance. However, the market appears cautiously optimistic.

This is the last opportunity for the downrampers.

Looking at the production. If we use the June quarter as a minimum expectation for the Dec quarter we get 16,177 + 13,696 = 29,873 oz for first half. Given reducing strip ratio and planned production from Blue Bar commencing in march quarter, the FY24 guidance of 65k ~ 75k oz looks to be easily achievable, with production likely to be at the high end of the range. If production is at high end of range, it follows that AISC will be towards the low end of guidance range.

The only remaining point to be argued is: is this enough? To which I would reply: Mac seem to happy with it, so that's good enough for me.