I think the issue is a sharp rise in costs from AISC of A$1,662 per ounce in FY 2023 to an AISC of between A$1,900 and A$2,050 per ounce in FY 2024. This large increase in AISC materially lowers cash flow and profitability in FY 2024. No wonder the share price is hit hard today. I wonder whether this means a structural change in the cost base of the Gruyere mine (ie high costs continues into FY 2025 and beyond). I think management have been very poor at communicating such a large increase in costs.
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- Ann: December 2023 Quarter Production Update
Ann: December 2023 Quarter Production Update, page-44
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