In the Sept 1/4 Calidus averaged 152 oz per day. In the Dec 1/4...

In the Sept 1/4 Calidus averaged 152 oz per day.
In the Dec 1/4 the average was 133 oz day.

The number of oz mentioned produced last week was 1526 oz = 218 oz/day. Sounds good but needs to be the new steady state number. (Calidus has produced 235 oz a day for a short period but the actual average was 162 oz/day Jan 2023 https://announcements.asx.com.au/asxpdf/20230110/pdf/45kj8b7qf9zdpb.pdf )

I doubt the March 1/4ly will be a big improvement since the announcement states the cutback is only now completed. My guess is production was still constrained and the first 2 months possibly only produced around the 150 oz/day. This 1/4ly I am guessing is around 14,750 oz.

I was hoping for something like a restructure without a CR... Macquarie is taking up ~21M shares (= 2.7% of CAI). It seems the price for being "supportive". However, it does mean they think 11.5 cents is cheap.

If Calidus can run a steady 200 oz day (possible imo) that's 72,000 oz a year. My reading of the equity raising presentation is CAI only needs to deliver 20,000 oz this year into the hedge so that's roughly 50,000 oz at spot for a $60M operating profit , probably = about $28M actual profit (AISC 2100 x 1.3)

The sting is CY25 CAI has to deliver ~47,ooo oz into the hedge. on forecast production of +80,000 oz. The Nullagine oxide features prominently in that number. So, that is probably why management is looking to try to issue a bond to get out from that.

The upside is there should be now a lot of activity.... prepare Bulletin, mine Nullagine oxide and explore Felix.

The numbers for the June 1/4 will be the proof of the pudding. If it's 200 oz/day steady run rate the money is there to do everything.

In the meantime the usual happening after a CR is a prolonged churn at the lows with placement holders taking their standard 25%.