PoN, page-31

We calculate roughly Quarterly Payments for our Contractors
Barminco at A$280M/4 years = A$70M/Year --- A$17.4M/Quarter
Primero at A$34M/3 years = A11.33M/year --A$2.83M/Quarter
Total Contractors Pay ----------------------------------A$20.23M/Quarter
Other Expenditures, Exploration, Shipping, PAN Staff and Hauling Concentrates -- 15 to 18M
Total Expense / Quarter around 35 to 38M/Quarter.
If PAN makes 2 shipments this Jun at average A$24M/Shipment each = A$48 Million
If we put Capex/Opex at A$36M, Pan end up A$48 - A$36 = A$12M Net Profit this Quarter.