Plant refurbishment expenses are not treated as a capital...

Plant refurbishment expenses are not treated as a capital expenditure item. If you look at the six months financial statements to end-December 2022, you will see that plant refurbishment expenses were $11,763,000 and contributed to a reported loss in the income statement.

Hence, refurbishment costs are written off as and when they are incurred. As I have said, perhaps in the fourth quarter of this year (you can never say never even in the third quarter) a profit will be reported - it depends upon several factors, as already noted, such as price of gold etc. and the timing of the refurbishment costs as well as how big they are.