question ..or two, page-14

sale of gold was capitalised and wasn't treated as revenue until commercialisation status (which has occurred in April)

march quarterly revealed development costs of $15.3mil, assuming gold sold was say 15koz at the hedge price of AUD$1140/oz. reveals gold sold of around $17.1mil.

Clearly they made no profit on the sale so it was capitalised, a stab in the dark suggests costs of around $1800/oz.

So the true development cost was around $32mil.

But for that cost we got 240kt of stock piled East pit ore, containing 24koz and stope ore development in Calais 143kt @ 6.3 g/t Au.

These guys were cutting it tight and got caught out by the Plant delay and slot firing issues.

But it is poor form to ask for more cash after raising $19.1mil late January.

The reasoning used for the capital raise was outlined below;

"Apex estimates that these delays, have resulted in deferred revenue of approximately $20 million during this
commissioning period."

If $20mil was the revenue being deferred, then they should have got out and raised $23mil to $25mil in the last capital raising so they at least had contingency funds.

The last experience i had with goldie burning cash at this rate was MON, from memory they dished up costs of $2200/oz in their first production quarter (Mar 08).

I sold my remaining stake today at 0.25, so in a way i am glad to being sitting on the sidelines.