You are replying to my post, so I assume your comments are also...

You are replying to my post, so I assume your comments are also directed at me? Your estimates are far more bullish than my own for the June quarter. I was allowing a worst case scenario (dangerous given the situation) of ~$28m negative cashflow for the quarter, when you appear to be saying $13.3-16.8m? Despite this, I am more bullish about the September quarter and DCN's future in general than yourself.

I am simply sharing my research as I try to do anytime I spend hours analysing a company's financials (on an excel spreadsheet, not an envelopment). Having had a deeper read of the commentary since, I'm more confident of my analysis.

- Revenue for the March quarter was A$69.4m (39,315oz @ $1,770/oz) vs receipts of A$59.9m. Factoring in a full 3 months receipts, there should be a positive operating cashflow (before debt repayments)
- Unsold gold at March 31 was 4,478oz which the company has valued at $1,822/oz in their cash statement. Expect this to be sold with the June quarter production - which won't change the net cash position, but should impact the operating results significantly
- 155,099oz has been hedged @ $1,766/oz over the next 3 years, but 52k of this is for FY20 and 98k for FY21 (according to my notes, although I can't find right now where I got that from) - so shouldn't have much impact this quarter
- DCN will be repaying $18m debt + ~$2m interest this quarter, but will only have to repay ~$18m in total (+ a little less interest) over the following 2 quarters and then ~$27.5m in total (+ less interest) for CY2020.
- Revised production guidance of 36,000-38,000oz @ $1,500-1,600/oz AISC works out to be the same cost as the previous guidance of 50,000-55,000oz @ $1,050-$1,150/oz ($57.4m now vs $57.9m previously). I'm not sure of the significance of this yet in regards to September (e.g. large one-off costs), but do find it interesting

I am concerned DCN may be pressured by their financiers to raise more capital, but it should not be necessary in the short term (presuming the A$ gold price holds up) and I believe they'd have wait for the updated 5-year mine plan (and probably June quarterly) to have any success - so not expecting a halt & raise in the next couple of weeks at least. Of course anything could happen.