Full year result, page-38

CDPLC,

Despite all the convincing numbers you seem to come up with, the actual statement of what the company did, just does not jell with increased production. For example.....

"A review of the mining operations efficiencies and practices during the quarter resulted in approximately 1,000 contractors and a number of staff and supervisor positions being made redundant. These changes affected the quarters production"

That doesn't sound like just excess development contractors to me. It sounds like a clean out of a large percentage of the overall workforce.
Then there is this bit...
"Development and stoping continued on all 8 levels"

Again no slowing or changing, just doing it with only 3/4 of the staff.
I'm firmly in the camp that they will be lucky to get to 120,000 tonnes for the quarter, and with the SAG mill needing relining already, probably at at slightly lower recovery. If recovery was running at 90-92% as stated in May, it must have fallen off a cliff shortly afterwards, ie averaged in the 70's to bring the overall to 85%. If the recovery stays down as I would expect from known information and only 120k ore, then even with higher grade say 5.5gpt, we are still only in the 15-16k oz range.
This puts the company firmly in the 60-75,000oz range and raises the AISC to over $1,000, the C1 cost being irrelevant.
The market cap could easily halve from here especially when a cap raise becomes obvious.
I'm very happy to have exited in the $1.60's, yet have a couple of mates who are holding on, so I'm still interested, but not convinced of any turn around in the short term. The downturn from the middle of May when all looked rosy, has been massive, to expect it to turn back to the positive straight away is naive.
Perhaps it is just simply the narrow veins are too narrow.