Reading between the lines of the last quarterly.... Come on,...

Reading between the lines of the last quarterly.... Come on, tell me I'm off the mark!

"The mining waste-to-ore stripping ratio averaged 0.8:1 in the quarter compared with 0.7:1 in the preceding
quarter. The stripping ratio is a key cost driver for the Koolan Island operation and although it will rise for
limited periods in the next 12 months in line with haul ramp repositioning and waste extraction cycles in the
Main Pit, it is expected to remain at low average rates of approximately 1.5:1 over the remaining three year
mine life."

Translation - We're about to mine the ramp (waste) so be prepared for elevated costs over the coming quarters ( I think Q4FY24 + Q1 FY25)

"As previously reported, a localised rock fall occurred in a section of the eastern footwall (island-side) of the
Main Pit in August 2023. The event was detected in advance by the site’s continuous radar monitoring
systems and no people or equipment were placed at risk. The area was not actively being mined at the time
and mining in that area had not been expected to recommence until later in the March 2024 quarter.
During the December quarter the area surrounding the rock fall was cleared and the underlying exclusion
zone maintained. The Company continues to review the mining schedule and production sequencing to
minimise any potential impact on near-term production. The affected area is located at the intersection of
the western and eastern sections of Main Pit, which allows production to continue in the western end of Main
Pit before transitioning to the eastern end of the pit at the start of the coming June quarter. Consequently,
the affected area will be bypassed for at least the duration of the current wet season to enable any impacts
of wet season conditions to be observed before proceeding with proposed remedial ground support activities.
Production from higher benches in the eastern end of Main Pit has consequently been brought forward, with
mining expected to resume in the affected area at a later date. Further updates will be provided in due
course as remediation and mine sequencing approaches are finalised."

Translation - Despite claiming back in August that this rockfall wouldn't have an impact on the mine plan, we now concede it will, but we won't put any detail around the timeframe of resolving this except for after this wet season at some point. This will also cost a significant amount of money but we aren't going to divulge this. Tip - watch out for FY25 guidance....

8Mt of reserve left after this quarter. What's the rehab cost?

Don't just extrapolate the last quarter and think there will be 1.0bn in the kitty to hand out to shareholders....