Cash holding has dropped to $2.669m from $21.069m at start of the quarter. That is an enormous burn rate.
TAM also has unsold gold of $3.82m at end of the quarter for a total of $6.5m in liquid funds. The Quarterly report says no high grade underground ore will be available to be processed until the December 2008 Quarter.
Production: 56,065 tonnes of ore treated at av grade of 3.37g/t gold pouring 5,799 fine ounces.
No costs quoted, so lets flip to Appendix 5B. Cash flows related to operating activities. Direct production expenses plus admin total $10.374m. Divide by 5,799 ounces is $1,789/oz direct cash costs. Add in exploration, development pushes the total costs to $15.19m. Divide that by 5,799 ounces and it works out at $2,620/oz.
This looks a very difficult situation to me, or maybe my math is bad?
Cash holding has dropped to $2.669m from $21.069m at start of...
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