Ann: June 2018 Quarterly Report, page-118

current bid volume match at 14.5c!
offer volume at 13.5c and daily trading volume very small & weak.
volume on ChiX is 4 times that on ASX, so INSTOs are playing accumulation here again and patiently waiting for a large seller to drop which again is happening less and less.

Im sure we will get a reserves upgrade in Q1 next 7 weeks.
Smarts 3 extensions and Mays South American Conference preso showed they are working heavily on the reserves and drilling behind the scenes.

Looks like cashflow is stable and regular and bullion & stockpiles elevated.
Looks like the AISC will stay around 800-900 so decent margins way better than SLR PRU
Looks like debt and trading creditors are in peer levels or less now.

reserves upgrade and cash rises will boost the share price.
They have been planning for life after the debt for some time now (in 2016 they called the U$11M no debt bullet even) and the CEO is talking of LOM, reserves, undergound mines and debt free next year so they would have a responsible plan for what to do with this extra U$5M-6M pQ from January or the FCF of U$44Mpa (annualised H1 rate).

What would you do with an extra U$24M -$44M pa with no debt?
1. dividends (say 2c per share of A8Mpa) [prior 13 year history of 4c-10c each]
2. drilling (increase doubled from $4M pa to $10Mpa)
3. mill upgrade $30M (over 3 years, scheduled planning such as crusher upgrades then RIM pad then tailings dam then melters)[perhaps new Investec loan $10M end 2019]
4. U$2M-$5M nearby tenement acquisitions to expand area around the mill
5. share buybacks (A$8M for 60M shares retired)

Im sure they have detailed plans for all of the above already for the last 6 months.
My preference is dividends and drilling/reserves upgrades.