2nd quarter activities report released today - production from Burnakura above all expectations bringing up 13706 oz to the surface (15% above plan). Gold production for March quarter will be very profitable with no mining costs. Hoping gold price stays at or above current levels of over A$830 per oz. Margin on this should be very high.
Gold production in 2nd quarter was only just over 8000 oz at a cost of A$685 so just less than $1m profit on this for the joint venture but better in terms of current positive cash flow (mining costs largely expended in September quarter).
Profit from remaining gold production will be significantly better in terms of profit and cash flow. Positive cash flow for remaining gold production could be as high at A$6million for the JV (TTR 50%)
Activities Report sticks strictly to December Quarter and does not cover any of the three announcements made since then. This is typical of TTRs reporting style.
TTR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
