Ann: Quarterly Production Update, page-5

Taking into account the gold loan, looks like they boosted net cash and gold by about $700k - is good to see that they have reduced their financial risk profile. Also they beat the recent production guidance mid point by about 16% for the quarter. Finally Dec was about half of their quarter's production which bodes well for a good start to the next Q IMO.

I suspect the market was expecting slightly lower production metrics. We are yet to see the actual cost figures for the production, but according to the last appendix 5B, they were expecting to spend $3m on "project evaluation and Development", and they did this without going CF -ve by my sums. So earnings from production look like it might have been quite strong in q2, if you net out part of that $3m. We'll see what the next qly shows soon enough.

GLTA