This is the key statement everyone needs to read in the report:
The average realised gold price achieved for the Quarter was $1,917/oz which was below the average spot price of $1,928/oz. During the September Quarter a scheduled $25 million principal repayment was made on the Term Loan Facility reducing the outstanding balance to $25 million. Net debt at 30 June 2023 of $17.2 million decreased by $19.4 million to a Net Cash position of $2.2 million at 30 September 2023. Available liquidity of $158.0 million ($165.7 million in prior Quarter) including cash of $63.5 million, bullion of $14.5 million, and undrawn RCF of $80.0 million. Total borrowings at 30 September 2023 were $75.8 million, comprising $25.0 million on the Term Loan Facility and $50.8 million on the overdraft facilities in Mali
The later statement was mainly due to increased exploration spend, with regional drilling from both projects due this Q. A good thing because we need to shore up future tonnages!
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(20min delay)