My assessment of the video update is that the only revenue will be from philips find. Which i have doubts on FMR toll accounting. No revenue from 1st pour and IF upfront costs have been recouped then we get 50%.
Boorara is being stockpiled as a second pour through Paddington is still pending assays and reconciliation. Doubt if that will make 30 june revenue.
Reason for CR was predominately working capital (read here stockpile build up as access to paddington was delayed due to scaling up).
I am also concerned that GR Engineering timeline is strecthing out, not shrinking. Design now due october???? Upfront feed changes and new gold circuit, doesnt seem that complex, and then FID, ordering, manufacture, transport, install and commissioning will take 12 months. Lots of delivery risk there.
HRZ Price at posting:
4.7¢ Sentiment: Buy Disclosure: Held
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(20min delay)