Ann: December 2014 Quarterly Cashflow Report, page-4

On my first read, I can't say i am overly enthused. So you now have to wait another quarter before dcieding whether they are on track.

Simply the following points bug me;

1. negative cash of 4.3mil. Yet Sept qtr they reported negative cash of 6.5mil of revenues of $27.67mil (dec qtr revenue $46.8mil)

2. they subtly keep changing the way the report things, but simplistically I look at like this;

Production cost for Sept $25.369mil 5,620 tonnes produced = $2.06/lb cost
Production cost for Dec$38.7mil 6,438 tonnes produced = $2.74/lb cost

Revenue Dec $42.7mil 6,516 sold = $2.98/lb January average price of copper $2.55 - $2.60/lb and falling

3. cash $21.6mil expected outflows for Mar Qtr $25.2mil

No financier will be keen at the point in time to refinance, as they are facing a cash squeeze.

The market got this one right, hence why there was selling, rather than buying prior to this release. TGS will break 10 cents today.