I am with you Oscar, more particularly when they have told us...

I am with you Oscar, more particularly when they have told us the opposite in the last two quarterlies with no explanations:

Guidance for the June quarter said “Dredging of coarser, higher grade ore will resume during the … quarter and should be accompanied by gold recoveries of 50% (target).” The recent announcement (25/6) tells us that (despite achieving average recovery of 3.2g/t for Jan, Feb and Mar) recovery rates for Jan to May have been 25 -30% below the 3.7% target (which calculates to between 2.59g/t and 2.775 g/t) and they have been tending back towards 3.7g/t for a month (perhaps). If their statement is indeed accurate this suggest, if you consider it carefully, that the recovery rates for April and May on their own could be an absolute shocker (these two months when added to the previous 3 have pulled the average of 3.2g/t down to somewhere like 2.7g/t). I do not like their wording at all, it is “delightfully” vague and not at all concise (possibly even misleading to many readers). After all, the recovery rate only has to improve by a point or two and it is then “tending back towards 3.7 g/t” despite possibly being miles away from 3.7g/t. All it is really telling us is that it has stopped going down and has now begun to rise up from a low near 2.6g/t, (but maybe only a little). You can bet if there had been improvement with recovery close to 3.7g/t there would be no ambiguity, they would be telling us clearly.

On the positive I am hopeful that throughput might be up by 2,000 or 3,000 t or better and may go some way towards compensating a little for the low recovery rates.

It looks like by the end of the year most of the crappy, low grade feed will be gone and we can then look forward then to continuing grades of 3.7g/t (or better?). It is the future which is important much more so than current figures will not be of great significance once we get into the good feed. More patience required.