Ann: Quarterly Activities and Cashflow Report, page-44

I am a bit lost in your calculation, so please go through the following and verify if they are correct or not. Thanks.

1) Cash/bullion: $57.3mil
2) Debt repayment: $25mil
3) Assuming only 23KOz is produced(i.e. only able to meet the hedged amount), the cashflow from it: 23,101*($1899-$1550)=$8.06mil
4) Development cost: $55mil/4=$13.75mil

Based on the above, the Sept Qtr will generate the following cashflow: $8.06mil-$13.75mil= -$5.69mil

However if DCN produced to the average for the year, there will be another 5.65Koz (115Koz/4=28.75Koz) subjected to Spot price of $2,600 generating the cashflow of 5,650*($2,600-$1,550)=$5.93mil

If so, then Sept Qtr is a breakeven month.

Cash in the kitty will be $57.3mil-$25mil =$32.3mil.

So I can't see any need to raise cash. Will appreciate your feedback.

Cheers.