Ann: Production Update March Quarter, page-65

Spidie
I am guessing on what AISC might be. As it’s worked out on total cost vs gold sales , and as gold poured this quarter for sulphide was a fair bit less than gold produced, it will result in a higher AISC this quarter. If the target is 980 for the full year , with mako at 800 , then one would assume Syama would be over 1100 during ramp up and moving around 930 in the last quarter of the year.
I am focusing on potential margins and as s old attempts to break its 1703 high , the higher targets could take it a lot higher so for me margin is key and so is the hedging they do. Even though some forward hedges may give away some upside it makes minimum cash flow easier to predict and just another way to derision and firm up value on a DCF basis