The last qtr is a really bad reflection of the state of the project. Lower than normal plant throughput and lower grades.
If grades do continue at 3.6g/t (As they have averaged in July)
and plant throughput returns to 190kT/qtr
3.6/3.1 = 16.1% improvement
190/178 = 6.7% improvement
Combined = 23.9% improvement
gives us sales of US $10.5 * 1.239 = US $13M
Assuming variable costs grow by approx 7% (consumables, power & fuel)
costs = US $8.5M
Gross Profit = US $4.5M / qtr
Over 12 months that will generate US $18M cash minus approx $2.5M other costs. gives US $15.5M.
Taking up the MB offer requires us to pay $18.5M by the end of June 2016. If they can raise $3M by then we will start FY 2016/2017 free of MB!
Yes there are issues with getting DR govt approval for importing plant input but if that arrives we may be in a totally different position in 12 months time!
The last qtr is a really bad reflection of the state of the...
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