If they produce 15,000 ounces then it is unlikely the expenditure will be per the March quarterly. 15koz at A$1500 = $22.5M + $2.3M of other costs. This is probably a worst case since they've managed to produce below A$1500 at only 13koz output and we know the cost base is predominantly fixed.
It is also not clear over what time period they have hedged those 12,500 ounces.
It must be bad, page-79
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