Ann: Quarterly Activities & Cashflow Report September 2018, page-39

Interesting views raised.

Point 3.

Doesn't that just indicate that they managed to control AISC better then what they may have forecast, also possibly a reduction in unnecessary spend. 

Agree cash at end of quarter is tight but if they spent more, the cash position would be worse. So how is that a negative? It's just nit picking really.

Point 4. Cash is king, no matter what type of business. I think the key objective was to manage cash this quarter as best as they could. Some things have to be postponed but again not a big concern too me. not for $1.1m it's neither here or there really.  

Point 5. Orion was paid on the 4th Oct.

and in terms of MACA squirming, hardly the case. Have a look at the annual report page 6.

"Bought in two additional large excavators and additional trucks to the operations to increase material movements. This allowed the open pit mining to move from 4 dig shifts to 5 dig shifts with the aim of investing in high grade stockpiles"  

Now, any reasonable person would say if MACA were not being paid, the above would not occur. I'll stick to facts given. That's all we can go by. Unless you happen to work for MACA. 

Point 6. 

From my understanding the facility(CPA) exists, but I Don't believe the facility has been used yet. So wouldn't a reasonable person come to the conclusion given that a Qtrly cash flow has been provided that this is the case? If you can't see it in there, it hasn't been used. It's like someone having access to a credit card but not having spent on it yet. Fairly simple concept to understand.

I'm happy to be proven otherwise. But most evidence i've seen suggests it's not been utilised yet, its insurance for a rainy day (IMO).

June Qtr announcement stated there is no requirement on BLK to utilise the CPA and BLK may terminate the CPA at any time. 

But Ey, I guess everyone is entitled to an opinion. 

That's all,