i don't understand.., page-26

Good luck by all means to traders.

But gmt you sound like a long term holder -
There is a difference between what "CTO considers profitable" (CTO only looks at cash costs only)and in "reality" what is profitable,

i.e. CTO considers the gold price - cash (mining) costs as profit.
How absurd !
That's only about 1/4 or 1/5th of the costs !!

Whereas Reality is you need to get to the gold pods before you can mine them .. so added to the cash costs of $500/oz,
You need to add -
1. Development Costs... another $950/oz ,, to tunnel and get to the pods that are spaced 100's metres apart.
This cost is what it is and logically will not come down with scale.

2, Admin Costs
3. Drilling Costs
4. Depreciation and Amortisation
5. Royalties
6. Equipment Purchases.

At the moment the mine is losing over $1,000/oz of gold produced even at the current gold price.
There are small miners that are "really profitable" at even 10,000 oz/month - after all the other costs i.e. 1 to 6 above added to the cash mining costs and are paying for themselves as they expand - not relying on Capital Raisings !