I guess if you want to look at D&A as a cash loss then yes AGO...

I guess if you want to look at D&A as a cash loss then yes AGO lost somewhere between $14 and $19 / tonne. D&A is not a cash cost but a taxation mechanism.

One assumes that E&E are expensed and not capitalised, although it would only be about $1/t so not material anyway.

I prefer to look at the true cash costs of an operation to determine it's health. First and for-most cash in must be able to cover cash out. Any surplus to repay capitalised costs comes next.

For me, the quarterly is definitely not pretty and shows a business that at the margins is risky. A 5% downward shift in pricing puts AGO in a position that cash in does not cover cash out.

Simply put, AGO is not a healthy business and therefore a high risk investment.