Ann: Production and Funding Update, page-26

I just want to share how I think the Company is expecting to get around 110,000 ounces in calendar year 2020.
They averaged 157,757 tonnes of ore processed per month in CY2018.
Although ore mined averaged 172,573 tonnes per month.

So it is reasonable to assume (probably going to make an ass out of myself anyway..) that they will at least be able to process an average of 165,000 tonnes per month, with the upgrades.

They are aiming for a 3 gram per tonne grade, but lets say they achieve an average of 2 grams per tonne (they achieved an average of 1.98 grams in the Dec quarter, although 1.52 grams average full year)

Gold recovery rates averaged 84.95% CY2018 (highest was 86.8% in Sep quarter) so with the upgrades lets say an average of 88% (AllanC made an unsubstantiated comment that, he had been told by them, that they were now achieving 92%).

So 165,000 tonnes of ore x 2 grams of gold = 330,000 grams of gold.
Recovery of 88% = 290,400 grams or 290.40 kg of the shiny stuff.
Convert to Troy ounces by multiplying by 32.1507 = 9336.56 ounces per month.

This equates to a yearly gold production rate of 112,038 ounces and is why I thought they would smash the IMC quota in June. The next quarter will let us know if they are on their way to achieving this. I'm guessing around 8000 ounces in July.

The other huge factor in all this is good ol Trumpy boy and the FED.
Confirmation of the change in the US interest rate cycle, topping at just 2.25% ! at the July meeting (if they start cutting) will put a fire cracker under gold. People say it's priced in, but actual confirmation will add at least another 10% to the gold price (my opinion).

This is what people aren't factoring into all of this, in my opinion, if this comes to pass, a couple accounting errors, by humans, isn't going to mean diddly squat.