Ann: KAT GAP UPDATE - TSF HDPE LINING WORKS 100% COMPLETE, page-8

Worth hoping. I'd not be surprised if it goes 4 g/t though. Say they get 65-75% recovery at the commissioning stage, then you're looking at 600-700 oz. Maybe $2M. Over a couple of weekly pours. Maybe enough to pay for some genset diesel, a bit of food, some overdue wages and part of the next 6500t. If they're lucky.

No matter what the first parcel goes though, unless they can pick the eyes out of the highest grades and get the met recovery up really high, the entire TSF will only hold 7-8000oz before it needs a 6-8 week lift that will need to start within 2-3 months, preferably immediately. Might (just) clear the long list of loans and leave a bit over for the lift itself and perhaps the first part of a cutback. If they do a staged pit and keep the strip ratio to a minimum.

Then they'll almost immediately need a whole new TSF, 15 times the size of this one. Preferably 30 times.

It'd be nice to know if they have a plan and a schedule. Even a budget. I suspect they're winging it by the seats of their, rather raggedy and no doubt well chewed out by creditors, pants though.