Ann: Karouni Project - Operational Update, page-8

Am I reading this correctly and they are going to put 80k tonnes from the Smarts 3 pit per month into the plant?

Seems to me they are still stuck with low grade ore for July + August. 2 g/t. July should have seen much rain, so I doubt they got enough ore to feed the plant.

So July 70k tonnes at 2 g/t. 70k treated, no stockpiles.
August 110k tonnes at 2g/t, 80k treated, 30k stockpiles.
September 80k tonnes at 4.5 g . ROM pad has 30k tonnes at 2g/t left. So 50k tonnes at 4.5 g/t treated
For the remainder we see 80k tonnes at 4.5 g/t. Mined and treated.
After the plant upgrade 80k tonnes at 4.5g/t + 30k tonnes at 2g/t.

This implies monthly production rates:
July: 4230 ounces
August: 4830 ounces
September: 8610 ounces
Remainder: 10880 ounces
After plant upgrade: 12690 ounces

Well, if that was true it would be huge surprise.

Finances:
End of June 13.2m liquidity left (with "hard cash" being 3.5m lower).
They are losing A$1.5m per month at 5000 ounces production. We can adjust for different production rates:
July: A$13.2m - A$1.5m - A$1.2m = A$10.5m
August: A$10.5m - A$1.5m - A$0.3m = A$8.7m
September: A$8.7m - A$1.5m + A$6.4m = A$13.6m, after end of quarter payment A$10.6m

For the December quarter... well, so much cash flow that no additional cash will be needed at all! Certainly above 20k and perhaps even in the higher 20-30k range.

If they upgrade the plant they could even 150k annualized performance in the dry season, including rain season above 100.