To achieve cash neutral status for the coming Q ORS will need to...

To achieve cash neutral status for the coming Q ORS will need to produce and sell 1,146 oz based on the estimated cash outflow of $1,591,000 for the next Q and a POG of AUD $1,388.

That's an improvement of 65% on this Quarter and would be c. their record Q production.

Given that the plant only processed <11kt for the Q (and it's a 150ktpa plant) the bottleneck is getting the ore/ dirt out of the mine. Hopefully as the mine is developed and more miners are added this rate will improve.

However, given that only 103 metres were developed during the Q and 130 metres of development is required to get to 1080 then I am not confident that they can achieve this. A lot of development will be done outside of gold bearing ore this Q I am thinking.

Precis, I hear what you're saying. However the plant is only worth money if it is close by to an economic mine. Look how cheaply stranded kit is to buy (and I am thinking this is old kit too!). The development is worth nil if it is uneconomic to produce. The resource is all only inferred (including Pearl) so very little reliance can be placed on it.

One thing ORS has in their favour is nil debt.

Is 3.5c value for money or is it just cheap and nasty? Only time will tell.

Cheers
John