Ann: March 2022 Quarterly Report, page-35

There are many different ways to show how performance has weakened in recent quarters (I define recent as the last ~18 months).

The most important is probably cashflow but you could equally look at cost trends. The large cut of the dividend is another. Cashflow numbers would likely look worse without the gold price pumping in FY21.

The share price has often fallen on quarterly releases which shows that the production numbers have missed analyst expectations.

I don’t really understand why there isn’t more hard questioning of the company performance from shareholders here. Even by Hotcopper standards there is a level of defensiveness that baffles me. The share price is not just down in the last couple of years due to the gold price. I haven’t held the stock for a few years, I just keep an eye on it to get a view of the local gold sector.