I sold myself. The cash generation is disappointing. Based on their sustaining cash cost $11.7m would come out in the quarter but its seems net debt only reduced by $2.4m. Where did the cash go? Why no cash flow statement provided? On the same basis, movement in net debt, cash generation was better in the March quarter at $3.9m but still not in line with the indicative numbers they are giving. What are the other cash costs?
I guess this is why they had to reschedule the debt, pushing principal payments towards the end of the year when they are planning to mine higher grades. Now they are saying end of Sept for that so next quarter probably not much better. For me its a bit disappointing. I think I've posted before that I would get out if cash generation not good enough so I've cut in this rally.
MOY Price at posting:
35.2¢ Sentiment: ST Sell Disclosure: Not Held
