What frustrates me most about this company is the cash flow.
100k oz production, AISC $1530, Realised price $2304. You would expect ~$70-80m free cash, because AISC should have included Sustainable Cost. Instead, it generated just $67m operating cash, and had to spend $54m on capital, $18m for explorations, $9.5 for tax. In other words, it is negative free cash flow, just like last quarter.
There is nothing wrong to spend on capital and exploration, but with so much spent, we should be seeing meaningful and steady increase in production and reserves/resources. But we haven't. Instead, production from Duketon has been stagnant for the past few years at about 350k oz.
Do you think there is some accounting tricks going on?
Ann: Quarterly Activities Report, page-17
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