Yes agree there will be some other costs (aside from dev capex) in addition to AISC. Last line should probably read cashflows before interest, principal repayts and other non-AISC costs. I would be surprised to see them cost an extra $500 an oz though? Interest expense of 60K for 2025 would add $90/oz.
I have spot sales at 3000 which is conservative/low (most spot sales in the last 12 months would be ~3080-3100).
Anyway this was just a rough out.
My point was just that if NPV discounted cashflows for only next 6 years are 341M, then the 88M of dev capex FY25-27 does not look unachievable, even if viewed through a lense where CAI has say 55-60M existing debt at the time of refinance say Dec24. Perhaps one would say a vanilla refinance if we were in a different environment for commodity project finance. There should also be large free cashflow in 26 & 27 whilst Blue Spec is being developed.
As we all know proof is in the pudding, lets see what next 2 qtrs brings. I'm shooting for 14K oz in March Q and 18K oz June Q. A June Q of 18K will give faith in the 66K 25FY guidance.
Yes agree there will be some other costs (aside from dev capex)...
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