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

At first glance, Feb/March are excellent, with Jan being the outlier, which... makes sense as the contractor they got rid of clearly did not finish on a high note (not a surprise considering they have struggled the entire time), but January was terrible....

If they can stay close to the March production, with POG sitting around $3700 AUD, they are going to see a huge increase in free cashflow, which... as fate would have it, ties in directly with their debt repayments coming up in the months ahead and Scotia dev.

The $2.3m won't be recurring and they have already started investing in the Scotia U/G.



The plant improvements are really helping too. Annualized at over 1.1mtpa now.



PNR is clearly over the hump, though without doubt it has not been pretty!

They are going to see a much higher realized gold price for the June Q. Which again, is lucky, as Scotia development is going to ramp up.



If they had been able to swap contractors a month earlier, we would likely have seen a very different result, but... it is what it is.
The cash drop of $5m is.. disappointing, but as above, it was all due to January.

Interested in others thoughts.