That is a good summary, esp p8. The thing you are looking for is...

That is a good summary, esp p8. The thing you are looking for is capitalised expenditure, which means the expenditure is sort of like considered buying an asset and amortised over the life of the mine as a sort of depreciation (I think). So in this case things like underground development or waste stripping does not count in AISC, even if it needs to happen every quarter through the mine life. In fact any expense can be 'capitalised' so when a company treats expenses like this the AISC does not really tell you much and it seems in this case those expenses are not given in the quarterly, or listed with other expenses that are included in the AISC. A few companies show how all their spending fits in each quarterly which saves me a lot of work!!

On the other hand I could have just missed the figures or added them up wrong, which is why I posted to see if anyone else took the time to add up the figures in each quarterly report. The only way you can really tell what gold price a miner needs to be profitable is to look at all the spending each quarterly, account for capital raisings and asset transfers and investments (such as exploration) and see the true costs of the company. AISC is an improvement on cash costs but still does not give a uniform comparison between different miners.