CTO's presentations keep going on about their cash costs being...

CTO's presentations keep going on about their cash costs being low without any mention of the huge development costs... and other substantial costs.

In fact total costs work out to be $3,022/oz over the 12 months, so in order to break even and assuming all costs were to remain the same the gold price will need to climb to over $3,022/oz.

the break down is as follows -

There were 8,451 oz produced over the last 12 months.
the following costs were incurred over the 12 months -

Exploration $4.447 mill or $ 526/oz (based on 8451 oz)
Development $10.393 mill or $1230/oz
Prod'n $5.600 mill or $ 663/oz
Admin $4.239 mill or $ 502/oz
Interest $0.859 mill or $ 101/oz
Total $3022/oz

When CTO talks about a theoretical break even being hopefully reached some time in the future however - it curiously considers the development costs as an asset - i.e. the tunnel as an asset not an expense !!

The tunnel as we all know is just a hole in the ground (and an expensive one at that) - it's not a valuable building... so CTO is hallucinating.

So if gold were to reach $3,022/oz tomorrow(with all costs remaining equal) ..then CTO would start to break even.