Ann: First Quarter Activity & Cashflow Report, page-2

i I have been trying to work out the extra profit forecast that will be generated from the initial mining scoping study announced by ORA in December. ie
177,472 tonnes @ 4.14 g/t for 22,444 ozs. The study gave an estimated gold price of $A2,000.
That Said, today's gold price is $A2,373. That pushes up the estimated profit by $A8.3m, giving an overall profit (Now of +/- 30% ..$A29m)
in the latest Qrtly this week it states a letter upgraded mineral resource estimate is 479,000 tonnes @3.6g/t for 56,000 ozs with a cut off grade of 1.2g/t.The first 177,472 was to a depth of 75m, I am assuming the latest tonnage figure of 479,000 tonnes is taking the open cut deeper.
Anyway working on the first 75m will cash up ORA keeping in mind it's all going in the bank as they have some huge tax losses to use.
I can now understand why Phil Crabb feels comfortable lending the company working capital whilst awaiting gold dividends, also protecting his 80m shares from being further diluted by share placements.