- Effectively upgraded gold production for CY 2015 to 180k oz (120k HGO + 60k SKO). AGM presentation states 150k oz for 12 months to 30/6/15 whilst Q4 guidance states 180k oz for CY15. Thus expect a big ramp up in 2H of CY15. This will all come from HGO and SKO and doesn't include any production from CMGP.
- Cash has decreased in the Q from $93 to $83m. This is after paying an $11m dividend. I do not include the money already received from the gold prepayment as this is bleeding off over time (1,250 oz per mth) [note: including the prepayment 'cash and working capital' stands at $118m).
- Sn operation has confirmed media report that 8kt 2015 production can be expected (Q4 production 1,960t) on a 100% basis. Thus, despite falling AUD Sn prices this division is providing stronger cash flows.
- Capital expenditure & exploration totaled $13.19m broken down as $10.94m gold and $2.25m Sn.
A good result and provides value-for-money even without taking into consideration the step-change in production when the CMGP comes on-line (200k oz p.a. at full production).
Cheers
John
MLX Price at posting:
$1.10 Sentiment: None Disclosure: Held
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