ResultsSome people seem to be every encouraged by these results.
Personally they seem to show just how bad things are and how big a hole ANX are in.
They produced 19.89 ounces of gold a day, with the ore used they should have got something like 44.5 ounces a day less expected losses, so the true figure should have been around 40 ounces a day.
They lost $800,000 on operations that's nearly $9K a day in losses even with a sky high gold price. Add in admin costs and the loss is $19k a day.
Now lets assume ( and that is a big assumption for ANX) that they were getting 90% recovery. that means an additional 20 ounces of gold a day. That would mean sales of $4.4m for the next quater, less cost of sales and admin costs and you are looking at a gross profit of
.6M for the quarter.
Take in the $6.8M working capital shortage and it will take 10 quarters, for the company to break even regarding working capital. However inside the 21/2 years debentures etc have to be re-paid and it allows nothing for exploration drilling costs etc etc.
LOTM