Some creative accounting going on with the material costs from...

Some creative accounting going on with the material costs from Q2 to Q3... Looking ahead to Q4 how many of those costs are actually one offs vs ongoing? There is about $10-12m of short term costs gone from Q2 to Q3 which is good news but total costs still went up $6m. Bizarre.

Q3 $48.8m material costs excluding the Tanzania resettlement thing. Interest payments and sustaining capex which were separate placed under the banner of "commissioning and short term capital expenditure". Corporate and admin costs kept separate. Somehow operating costs went up $13m, but excludes interest payments on debt facilities, corporate and admin costs, sustaining capex. The cost to operate the MSP in the DFS is about $2m a quarter so some of the increase would be running both the MSP and WCP but surely they aren't out by 500% on MSP opex.

Looking at that breakdown they only spent $2.6m on commissioning and short term capex based on how they split up the costs in Q2.


Q2 $42.5m material costs. Interest payments and sustaining capex kept separate to opex and commissioning and short term capital expenditure. A bunch of money spent on transition earthworks, closing out construction packages and spares which do sound like commissioning and short term capex costs.



DFS opex approx $80m p.a. includes admin and general, government royalties and sustaining capex. Because they are operating costs. Mining also includes "tailings and slimes handling, mine backfill, DMU-EMU and rehabilitation activities".