My calcs are based on EBITDA only. I have no ide what costs will...

My calcs are based on EBITDA only.

I have no ide what costs will be this quarter but would expect them to start heading back down to previous levels as the year progresses. They may have decided to remove all the overburden at the pit for OZL? I don't know but I willbe treating this quarters costs with healthy sceptisism and curious to see what comes out in later quarters. THe Brazilian Real has moved solidly in AVB's direction and electricity charges are down by 20-25%. Two factors that should help the bottom line quickly. Some of those sustaining costs have been brought forward as well, curiouser and curiouser as Alice said.

IMO, the costs v profits debate has been covered conservatively as there will be substantial upside that is not in any ones calcs (with the possible exception of OZL as they have been in the data room) as Avanco have not disclosed a very large quantity of information to the market.

Just as an example, drilling and resource upgrade at AN, PB, Pantera and much more to come at Centrogold. The recent ASX announcements that expressed high degrees of confidence in the regulatory process around Centro as well. A lot of upside can show up in the next 3 months or so. Another reason why the timing of this offer is opportunistic.