Back to 30c soon..., page-5

The cash flow for 2015 should be healthy if they can follow the planned budget.

They should only meet the minimum hedging delivery requirement for the next 18months. Sell the 60% unhedged production of 2015 at the current high PoG would do it fine...


"Guidance for FY15 gold sales is ≈120,000 oz. The Company has chosen to defer related production and development expenditure at the Daisy Milano and Cock-eyed Bob underground mines from FY15 to FY16 and provide pre-development funding for the commencement of new open pit mine sources in FY16.

Ore feed for the remainder of FY15 will be sourced from the Daisy Complex & Cock-eyed Bob underground mines, the Wombola Dam open pit and surface stockpiles.

Hedging In December 2014 the Company hedged a further 32,944 ounces of gold at an average of A$1,486/oz. At 31 December 2014, the Company’s forward gold hedging programme totals 65,270 ounces delivered over the next 18 months at an average forward price of A$1,485/oz