Couple of things from the quarterly cash flow “- development and...

Couple of things from the quarterly cash flow


“- development and commissioning (net of pre-production revenue)”

To me that line implies they’ve adjusted for revenue from pre-production gold sales. They don’t state any quantity of gold on hand at quarter end anywhere in the report as far as I can see except for mention of the 100 oz from the weekend.

- Repayment of borrowings (cash equivalent of 1000 oz paid against goldstream royalty)

This ones interesting. I thought they weren’t obliged to pay this royalty unless they produce gold - but that does not appear to be the case. Digging around the last info I can find about the Cartesian royalty payments is it is 20% of the first three years of commercial production - subject to a *minimum* of 16 koz.

They’re not in commercial production yet but looks like they’re still on the hook for 20% of 16koz for three years if I’m reading that correctly.

Jeremy is former Cartesian royalty director.

I’m sure Cartesian royalty don’t care if their repayments come from mines gold or cap raising proceeds - as long as they get it.