Can't help meself,
My take is that the last 6 months numbers havent stacked up to reach even the 90koz's, but am taking Les's word that he will get there. Since the SP has continued to fall, maybe production in January wasn't that flash either.
My other feeling is that there could be a cap raising on the cards to proceed with the Murchison. Hiho have only got $28M in the tin, so that won't be enough to keep drilling and bring a second plant on-line as well as maintaining a strong balance sheet. You could say we can raise the cash from production, but at the moment our cash costs arent low enough to be making the big money required. Long term Hiho will be rolling in it, but not yet, Les is constantly setting himself up for the next few years to take us beyond 300koz's.
To me the cap raising at current levels would be acceptable. Issue another 20~30M shares, have the cash required to proceed with still only ~200M shares on issue.
So I'm expecting to see a trading halt shortly, stating decision to proceed with the Murch along with the funds already raised to make it happen.
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