I'm confused. The 2015 annual report said that 'by the end of next year', Havilah should have $40 million in revenue from Portia. It also said the total resource was 67,000 ounces, from which 51,000 was expected to be recovered. We're now being told that 64% of Portia has been mined, which has yielded the roughly 17,000 ounces as declared in the latest report, plus 135,000 tonnes awaiting processing. If that volume yields 1.5 g/t, which is optimistic, it might yield a further 7000 ounces, making a total of around 24,000 ounces. The remaining 36%, given comments about 'expect lower yields from now on', will likely yield only about 10,000 ounces. That's a total of 34,000 ounces against the forecast expectation of 51,000. Happy to see my figures disputed. Also happy for an explanation of how the company has only $0.9 m in the bank, against the 2015 assertion of $40m (or even $20m if it preceded the CMC deal), which I acknowledge was pre-cost, pre-tax 'revenue'.
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