Ann: Positive Operating Cash Flows Achieved for September Quarter, page-3

More missed guidance and no material improvement in the key metric that counts... concentrate production. From the June Qtrly which had zero processing in Apr due to rain closure as we know.

May& Jun ore mined 195kt, or 292kt pro-rata over a quarter, vs actual 292kt over Sep Qtr (same same)
May& Jun milled 190kt, or 285kt pro-rata over a quarter, vs actual 283kt over Sep Qtr (same same)
May& Jun produced 12500t concentrate, or 18,750t pro-rata over a quarter, vs actual 19000t over Sep Qtr (same same with rounding)
May& Jun sales con up from 10kt ($20.4M), vs actual Sep Qtr 22kt sales for ~$45M (120% lift sales = 120% lift revenue = same, same price/t con)

As predicted with G1A management, the more they say things change the more they stay the same...

So far as free cash generation goes, Jun Qtr cash out was $20M BUT Apr was a non-production month and Accounts Payable (invoices held over until July 1st so the Jun Qtr cash out didn't look so bad) was a whopping $39M. Eventually, Acc Payable can only be 1/3 of a Qtr's expenses on 1 month terms (double for any muppets prepared to accept 2 months from a potential administration risk) and so expect much higher cash expenses Sep Qtr as Acc Pay catch-up occurs and full Qtr operating costs. My guess Sep operating costs will be ~$30M 'real' plus $10M Acc Payable reduction = ~$40M cash out vs $45M cash in. "cash positive Sep Qtr" maybe, but not enough(?) free cash to cover next 12 months $30M debt repayments (or ~$7.5M per Qtr)...

GLTAH