Ann: Quarterly Activities and Cash Flow Report March 2024, page-7

So, as explained by Kevin on page 13, if that prepayment of $1.354M was brought forward to March Qtr ( i.e. to normalise) this would bring Customer receipts to $11,513 which virtually offsets the total production costs of $11,576M

we know that Saloro lost 2 weeks in January, Qld had the wet season interruption, filled up the pit which wasnt drained until mid Feb and a lot of waste material had to be stripped - all of these, and perhaps more, could and should be viewed as abnormal or once off costs which would otherwise have reduced production costs from the quoted $11,576M

Mt Carbines adjusted sales are $4425M ($3071M + $1354M) versus prodn costs of $3562M i.e. positive by $863M

Saloro sales of $7,088M ($10,159M - $3,071M) compares to prodn costs of $8,014M ($11,576M - $3,562M) i.e negative by $926M

If what I am getting from this is correct, then across both operations they must be very close indeed to break even. This is not an easy exercise to get the apples to match the apples but we do know there are quite a few one-offs which go at least part way to explaining the shortfall in recovering the total costs - timing differences, seasonal effects, one of equipment purchases and so on.

All things considered, I think this has been a great result with so much stuff going on.