Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-25

MKR have done considerably better than I expected given where they were at about 6 months ago. Not to say there aren't challenges ahead - your calcs assume a fair bit, I think they're not too far off, but I'd suggest Stockpiles are around 70-75g/t, not 100g/t to give some breathing space (check the old Cobar Con. Resources ASX announcements on here to confirm that grade).

I would hope they polish off every last tonne of rock from Boppy to get the gold while they can as the Ag wont sustain them. Yes, there is 6 months worth of feed on the ROM for Ag once they stop processing Boppy but they certainly won't pay back debt from this at current Ag prices, so the debt needs to be eaten by the gold profit. If Ag heads up another 20-25% that will probably work long term but it would be better to base it off worse-case scenario than assume things fall into line. Not that people on here haven't made decent arguments for the inevitable rise in Ag price.

Interesting side note- they said in the Q3 announcement a recovery of 77% was an 'increase' and 'above forecast'? Last year it was 80% so did they quietly readjust their targets?