RE:Q4 figuresGood to see production going up again after two quarters of decrease with higher grades and recovery. We are back to the Q1 level. Hopefully going forward we will continue getting more oxides in and continue increasing production in next quarter towards the 15000 oz level. Already this quarter should see lowered AISC, especially as copper production increased nicely to 1.78 Mlbs, definitely highest level this fiscal year and with current strong copper prices will nicely impact AISC. This quarter should still see negative impact from the hedges, but operating cash flow should still be strong. From fiscal Q1 with current metal prices we will have a nice cash-flow stream with no hedges supporting all development activities. And regarding activities, finally the reporting is starting to be filled with a lot of real tangible actions to look forward to.
Near term we will see decision on initiating the development of the OSP (should come before year end) and update on mineral resources and reserves at OroValle in December, got the feeling from the report that they have had good success in converting and adding resources as they will also present an updated LOMP. New drilling starts at Lidia and Ortosa-Godn in November adding exploration success potential. Fieldwork starts at Taguas in November and drilling in Q2 which could add significantly to the already strong resource base. Exploration program at EMIPA starts after New year adding further potential.
I get a solid feeling from the update that we can start looking forward to some really interesting quarters with strong development. Expect the share price to move accordingly.