Lots of moving parts here so one needs time to digest the...

Lots of moving parts here so one needs time to digest the report.

Note that the level of cash and working capital fell by $5.4m after having earned total EBITDA of $26.1m - dunno why.

They are scrambling around for what the rats and mice have left over - some of these newly acquired deposits mentioned recently are a long way from their plants - one of them is 70kilometres which is a very long way to haul low grade ore of 1.4 g/t. Is that economical? I dunno - I am just saying but you guys n gals can set me straight cause I am a novice on such matters and do not work in the mining sector.

Their Tamani deal looked good, but NST has that one in hand, I suspect.

Are they playing around a bit with the AISC concept as set out in the Canadian TSX standards, when you compare their reported all in costs against those standards? I dunno but perhaps someone here knows. I note that their costs inclusive of depreciation and amortisation are high.

Biggest issue for me is will they be able to actually produce gold at all in costs (whatever that means) in the Murchison at their projected AUD1180/ounce - Murchison has been the graveyard for other producers (eg SLR).

I will re-assess this company over time as things are clearer in my dull brain (not sure if my dull brain can take all this info in and come to a sensible conclusion), and we get some sort of bottom in the USD POG (who knows where the AUD POG will be at that stage).

Not sure if this 10% share dilution to acquire the assets is a good thing or not - we will know in the fullness of time.

Good luck punters.

loki (too dull these days to work out the facts)