Assuming they are even cash neutral $20m cash gives them some decent wiggle room.
AISC was expected to be US$754. So that is $75-80m p.a. on the basis of the production guidance. Let's assume that doesn't change that much if mill is running full speed, ore movement etc etc.
That works out to $6.5-$7m/mth. So I would say they probably broke even in July and expectation would be output ramps up now and they can push into CF+. If that is the case then they can pretty much get straight back into exploration when conditions allow in terms of weather and/or covid
EMR Price at posting:
89.0¢ Sentiment: Buy Disclosure: Held
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