It's interesting how percentage figures are used by companies when missing production guidance. It's a 2% miss on the reguided annual production figure but a much bigger miss on a quarterly basis.
At the end of March they had already produced 511koz and tightened the annual figure to 695-710koz, or 184-199koz for the June quarter.
On a quarterly basis they did 169koz so the miss is more like 12% below the mid-point of the quarterly range.
More importantly the return on Cowal underground is not very attractive, and probably levered to any grade variability at only 2.5g/t mined grade.
Ann: June 2021 Quarterly Report, page-17
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