The real concern is the fact the plant has not hit it straps in...

The real concern is the fact the plant has not hit it straps in terms of throughput. Page 16 covers the 2018 Revenue Guidance and the actual processing figures. It is clear that the overall recovery of gold is well off target, suggesting large losses of gold to tails by liberation issues, or issues with loaded carbon and issues with the elution circuit. Page two has a small note "loaded carbon quality was improved by the optimistaion of the operational process" So either they were not loading the carbon in the first place, had issues with preg-robbing materials, the carbon may have been in the circuit for to long (dwell time), the carbon reactivation was an issue (regeneration kiln) or it simply was not liberated enough in the first place.

The lower than forecast head grade coupled with the low recovery is the key issue ( 27,197 ) ounces or ($65M).

Outlook - More low grade ore from Stockpiles (Sept quarter). Mill tonnage restrictions to 60000 per month ( is this all three months?).

GR Eng arbitration coming up after EGS's forced the arbitration, lost the ability to limit the arbitrator - last court action. More pain on the horizon.

Also I am lost as to why EGS constantly say under the GR headed that the wind up application was subsequently set aside, when this application was from Genanalysis for failure of a $300K payment. Nothing at all to do with GR in any way. Interesting that they keep saying it was.

I hope for the shareholders that things improve. But I am finding it hard to believe that a third capital raising for mining and milling ( page 17 - long lead items ) will help.