For those 2 months, processing stockpiles and with ongoing...

For those 2 months, processing stockpiles and with ongoing refurbishment, cash+bullion looked to be: flat or rising.

So a fairly good signal. Suggests strong positive cashflow once either: 2nd plant is up, or mining ore has begun (as opposed to pre-stripping waste).

Side note: when do royalty payments occur? Monthly? Quarterly? Annually? That would be important for gauging cashflow.


For refurbishment: it looked like quite a lot can be done by fairly low cost staff eg. welders, painters (just need some good quality anti-rust materials, so it's not the usual shoddy Thai standard with 5 year use-life).

Some things seem new though: new gantry crane, gold circuit pump, rubber lining, removal of the Cyclone separator for replacement. Some things might have been half way to needing replacement pre-closure anyway, and/or not wanting to have downtime to replace them (while the plant was running). I wonder if anything was replaced with an upgraded model, as now is an opportune time to do so and maybe there has been some technological advancement - conveyor motor as a random example.


There seems to be a whole lot of different moving parts that need fixing. Apparently somebody knows what they're doing - refurbishment contractor with experience in plant construction and maintenance? I'd imagine the staff lack some experience, being new hires, and even management having a hard time getting everything on the long list done right and quickly. But plant #2 seems to be performing well.