Ann: Capital Initiatives , page-38

No, Champ's right to take development costs into account because they are not yet a "producer", they are still in the "development" phase.

As you will see from the qtrly cash flow there are no production costs. All costs are still being capitalised, and sales of silver are offset against the development costs. This way they don't show big losses in the financial accounts. Didn't any of you wonder why there weren't any sales in the half-yearly?

As I said earlier, impossible to determine an even vaguely accurate COP from the data they've given us. Which always leads me to suspect it must be bad