Bottomed maybe and might be time for traders to make some money (8% rise today) but the 3 month report still leaves a lot of questions about NGX.
The good news was the forecast of 55-60k oz was confirmed and they have $18m in the kitty ($6m committed to environmental bonds).
55000 oz wouldn't be too bad a result since only 35k produced at the end of the 3rd quarter but the form is there to disappoint.
Av cost per oz produced was A$1492 av price achieved was $1380/oz.
A review strategy was flagged but hardly articulated "considering options" "cut capex" return to profitability in "as short a time as possible". Great ideas.
The COO bolted to "pursue a career advancement".
Overall it seemed to me like they know the problems but not the solutions. Still no answer on how to get rid of the low grade ore on the pad - "feed the mill".
The whole thing seems a bit underwhelming to me but I guess they are hardly in a position to over promise.
I wonder if Seymore Price would like my shares at 45p? I think they'd have a hard time getting a third cap raising away.
Forecast an operating loss of $A5-8m with the gold price at $1500 - hope it lasts.
Other than sort term trading there was no compelling reason to buy IMO.
Be interested if anyone can decipher any of the techical aspects of the announcement.
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