This story from Stock Head today on Gascoyne’s industry and...

This story from Stock Head today on Gascoyne’s industry and progress concludes with the comment  .. “ we’ve learnt that timing is everything (and FTI are actually pretty good miners).”

Notably it is NOT the administrator, FTI, that is a ‘pretty good miner’.
It is NRW Holdings -who sat down with the banks and the administrator in regards organising the way forward-  who deserves the credit and who has done the stellar job of turning Dalgaranga around
And it is a VERY  good miner indeed, which is why the banks placed their trust in it and agreed to call off the hedging and hold their loans.

Many eyes have been on this project. and the way NRW has conducted itself and supported client and more will not be ignored.
Management’s sense of timing has again been impeccable .



Congratulations NRW.
Cheers



https://stock  head.com.au/resources/gold-administrators-high-prices-stellar-job-of-turning-dalgaranga-around/

“Gold: Administrators + high prices = stellar job of turning Dalgaranga around

4 hours ago | Reuben Adams

If there was ever ‘good’ time for a gold miner to go into administration, this is it.

Gascoyne, which only poured first gold from Dalgaranga in mid-2018, struggled with lower-than-expected grades before going into administration in June this year.

Gold prices were pushing through about $US1300/oz (or $1900/oz Australian) when Gascoyne Resources (ASX:GCY)raised the white flag.

And everyone thought $1900/oz was pretty great until it kept going, which allowed Gascoyne (‘administrators appointed’ to eke out an actual profit from the cursed Dalgaranga operation that same month.

It also produced 6000oz for the first time – a feat administrators FTI Consulting have managed to repeat in July.

FTI says they received a record average spot gold price of $2023/oz in July for the 5127oz gold sold.

The operation is also improving in other areas as the administrators progress towards a sale or recapitalisation process in September.

In July, 241,000t of ore was processed at an average grade of 0.85 g/t, with metallurgical recoveries of 90.9 per cent, “highlighting the continued improvements seen in June and July compared with April and May”, FTI says.

And they pulled this off despite ~13 per cent of July’s plant feed coming from low grade stocks “as a result of wet floors in the pit” earlier in the month.

Gravity gold recovery increased to 11.4 per cent in July, up from a historically low average of 3-4 per cent over the project life to date.

Gascoyne’s fall was supposed to be a lesson – sub-par projects cannot use high prices as insurance against failure.

Instead, we’ve learnt that timing is everything (and FTI are actually pretty good miners).”