@ALeeG I agree, it is opaque to report revenues instead of net...

@ALeeG I agree, it is opaque to report revenues instead of net cashflow.

Regarding Boorara, for the high-grade ore, it looks like they are mining and receiving payment at steady state on about 96 kt of ore at an average grade of 0.9 g/t this quarter. Using my previous high-level numbers for the AISC relative to grade:



I would expect the high-grade ore from Boorara to generate free cashflow of around $4 M, noting grade and strip ratio is improving with depth.

You could also look at the previous quarterlies production costs of $12.5 M and compare this to the total revenue in the June Quarter from Boorara of $20.3 M, which includes the revenue from low-grade stockpiles. This suggests $7.8 M net cashflow this quarter from Boorara, and closer to $9.3 M net cashflow if you add the distribution from Phillip's Find.

So, I am expecting around $4 M to $9 M net cashflow this quarter, but I can see they are also waiting on revenue from a $4.4 M invoice which might be paid before end of quarter.

All very high-level but indicates cashflow as expected, still somewhat muted due to the low-grades and stockpile runoff. Hopefully no surprises in the quarterly regarding the production costs.