Not quite right. A lot of that extra expenditure was "growth capital" - so money spent today to earn returns tomorrow. Actual operating shortage for the qtr was around $13M.
"During the September Quarter, cash flows from operations were $31.8m. Proceeds from gold sales of 30,005ounces for the Quarter were $76.7m at an average sales price A$2,540 per ounce. All sales were conducted atspot gold prices. Operating expenditure payments including royalties were $44.9m.
Growth capital of $34.5m for the Quarter included $25.9m for KOTH open pit waste stripping activities, $5.8mfor Darlot underground development by contractor Redpath and a further $2.8m on exploration activities."
Ann: Quarterly Activities Report, page-8
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