stozThere are several items but two in particular are...

stoz

There are several items but two in particular are concerning:

1. Drop in cash/bullion: this is what I raised earlier (and reason I sold) and was keen to get an understanding off from the half yearly. IMO this was not adequately explaied by the financials. Worse, if you look at the trade payables vs trade receivables, cash on hand in reality may actually be overstated by $10M. I know the company has spent a heap on exploration, capital upgrades and dividends (and a dud investment - VXR), but with 1 year of what appeared to be very profitable prodution, having a cash balance more than $50M lower than what it was at start of the year is not justified by the expenditure, and definitely not justified by the resource increase at Paulsens...thats a huge 'cost per exploration oz' if you look at stats like that

2. Development costs (during production) imo seem to be remaining inexplicably high. I thought development costs for the last couple month at least would be declining significantly but this does not seem to be the case...the ozs in stockpiles has not risen much at all so their previously promoted 'bringing forward early development' does not seem to have occurred imo.

I will now wait for the next quarterly.

Cdchi1