Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-30

All the downrampers clearly do not understand expectation vs reality. DFS is prepared by independent consultants and takes into account the given JORC and the ideal scenario where 100% throughput can be achieved on day 1 which we all know is impossible, not only in mining and every other industrial sector. Name me any major project that achieved 100% throughput and utilisation on day 1 and I will be happy to slap myself for my ignorance.

As a listed entity, TIE can only state facts and approved, professional statements in their announcement so it is only right for them to state the DFS results up until they could be certain of the guidance figures instead of putting out speculative statements. The DFS assumes that high-grade ores will be processed in the 1st year and stockpiling the lower grades for the later years. TIE may just be shuffling around with the order for the commissioning phase which is smart imo. That just means the high-grade ores will be coming up next hence the production guidance of 105koz -120koz in 2H 2023 (within the typical 15% accuracy of DFS). The only disappointment would be the higher-than-expected ASIC which runs across the broader sector. Nonetheless, we are still looking at a fat 50% margin at current gold price and within the bottom quartile of global gold producers.

Of course they ended the quarter with lesser cash, where do you think the last leg of CAPEX for the plant went to? $38.3M was recorded as PPE and $4.2M when into exploration drilling so stop misleading the crowd with your incomplete information.