Ann: March 2021 Quarterly Activities and Cashflow Reports, page-32

I don't think the company would have necessarily expected that SP sell off - following the quarterly Friday.  Not too sure, they expressed the  overall message too well, especially if indeed, as they suggested - there is a chance of staffing being in place by the end of this quarter.

During LOM production - the company had suggested annual production of 81kozpa - and in fact guided 18 koz to 23 koz this quarter, only several weeks after commencement of gold sales. The reference to the 30 koz this quarter (way above LOM)......is because they are mining the premium grade 5.9 g/t Au


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This is not a bad report, given the mine is only just restarting.  For example - sure they say, can't meet the 30 koz for the quarter (but what an absolute bonanza, that 30 koz would have been) - it seems reasonable that 30koz can be achieved soon (given COVID and staffing issue resolution - that is  $70M for a quarter). What SP then ?  45 cents maybe

I am very hopeful and confident here. NOTE guidance from the company, for contained gold in ore, as follows, to support what I offer here.....

"Contained gold within ore mined to 30 June remains in line with the DFS estimate of 35 koz. Gold sales to 30 June of 18 koz to 23 koz ounces are forecast to be lower than outlined in the DFS estimate of 30 koz due to slower commissioning than planned, lower tonnage milled and lower initial mine ore grades due to ore stockpiling space restriction"

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Australia’s newest gold producer - first gold poured 7 February 2021 • Financially robust project1 – 5.2 year mine life – 81kozpa – average annual gold production – A$68.8M – average annual free cash flow (at A$2,550/oz gold price) • Fully funded and debt-free