Not sure how you managed $220m in savings? Commission delays...

Not sure how you managed $220m in savings?

Commission delays were obvious from the last announcement, which would've assumed production cuts going forward.

4Q production was 8koz below prior guidance or about $5m in missed profit, or 2.6c per share. Add to that perhaps $10m in cost overruns above budget for the upgrade... or 5.2c per share. I'm also thinking 150kozpa production run rate will be the new norm, or about 18c per share in missed earnings per share per year going forward. I'm cutting my share price forecast from $10 to $8.

If future capex will be cut to zero, or new projects aren't going to be brought online, then I"d expect 100% payout on earnings... so at 90mil profit, I'd demand 50 cents in dividends.

I'm annoyed... Under Peter, 4 downgrades in FY2012, and 4 downgrades in FY2013. He was given a bonus in FY12, worst mistake ever, obviously he spent all his time thinking of ways to blow away this gift rather than concentrating on the job. Please, no more bonuses, it makes for lazy people to the detriment of the company.

I was expecting a reversal of the 20% salary increases that was donated to the managers and directors last year. Fingers crossed, wish they'd man up.