Your right with gold at 60 per oz below last quarters lossMetal revenues will decrease further than Q3's loss. Minus $60 per ounce less gold sold (Q3 gold sold at $1137) price equals about $60 x 25,000 = $1,500,000 decreased revenue and a greater loss for Q4.
Cash drain also a concern as they spent $11 mil last quarter ($3.7 mil a month cash burn.) Even if they decrease this amount there will be no money left in the New Year. They still have to pay Sprot's 10 mil dollar debt due in days, or another extension with penalty. Wonder if Sprott will ask for the entire loan back this time due to the weak books?
If so TMM will have to sell assets. then the debenture from the Newstrike loan comes due in 2016 (several million) and then the Goldcorp financing due. As they run out of pad gold so does the revenues also decrease